Hello friends,
This is a short prediction for EURGBP.
1. The price is in a downtrend. The price is also reacting to 200 SMMA which usually provides strong resistance.
2. The price is clearly above the demand zone. The demand zone here has been extrapolated from the left. Usually, the first or second consolidation after the trend change functions as a strong demand zone.
3. The price is at the supply zone. As mentioned above, the first or second consolidation after the change in trend acts as a good supply zone.
4. The price is reacting well to the upper parallel line of the pitchfork. This means that there is about an 80 percent probability of the price reaching at least the median line.
5. Price is also reacting to the 0.786 level of the Fibonacci fan.
6. There is a hidden divergence on the RSI chart. The market is cocked and ready to fall.
7. Candlesticks with smaller bodies and long upper wick has formed.
8. 5 wave Elliott wave has completed. I have not labeled this though due to charts being too messy.
9. AB=CD completed and the price is at a potential reversal zone.
The first price target is at the median line and the second price target is at the lower parallel line.
This is just my speculative analysis. Please feel free to correct my mistakes.
We are all here to learn to earn.
Regards,
pigzeni
This is a short prediction for EURGBP.
1. The price is in a downtrend. The price is also reacting to 200 SMMA which usually provides strong resistance.
2. The price is clearly above the demand zone. The demand zone here has been extrapolated from the left. Usually, the first or second consolidation after the trend change functions as a strong demand zone.
3. The price is at the supply zone. As mentioned above, the first or second consolidation after the change in trend acts as a good supply zone.
4. The price is reacting well to the upper parallel line of the pitchfork. This means that there is about an 80 percent probability of the price reaching at least the median line.
5. Price is also reacting to the 0.786 level of the Fibonacci fan.
6. There is a hidden divergence on the RSI chart. The market is cocked and ready to fall.
7. Candlesticks with smaller bodies and long upper wick has formed.
8. 5 wave Elliott wave has completed. I have not labeled this though due to charts being too messy.
9. AB=CD completed and the price is at a potential reversal zone.
The first price target is at the median line and the second price target is at the lower parallel line.
This is just my speculative analysis. Please feel free to correct my mistakes.
We are all here to learn to earn.
Regards,
pigzeni
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