A fall can continue.

On the 4-hour chart, the price broke down the 23.6% Fibonacci correction for the short-term trend (0.7290). At present, the next bearish target seems to be the level of 0.7227 (38.2% Fibonacci crossover with the 38.2% arc), the breakdown of which would allow the pair to fall to 0.7177 (38.2% Fibonacci) and 0.7129. The latter seems to be the strongest level as both the short-term and the medium-term trends corrections (61.8% and 38.2%) remainat 0.7129-0.7133. The breakout of the level of 0.7290 could lead to a growth towards 0.7390.

On the daily chart, the price is testing the 61.8% Fibonacci correction (0.7250). Its breakdown would allow the pair to fall to 0.7190 (50.0% Fibonacci) and 0.7133 (38.2% Fibonacci), possibly along the 61.8% arc.

Trading tips

Sell the pair below the level of 0.7227 with targets at 0.7177, 0.7129 and stop-loss at 0.7270.

Alternative scenario

Buy the pair after the price consolidation above the level of 0.7290 with the target at 0.7390 and stop-loss at 0.7240.

EUR/GBP: Fibonacci analysis

EUR/GBP: Fibonacci analysis




Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.



Follow us in social networks!
Live Chat
Leave feedback