The EUR/GBP pair fell during the bulk of the session on Tuesday, but found enough pressure just below to turn around and form a nice-looking hammer. That
The EUR/GBP pair fell during the bulk of the session on Tuesday, but found enough pressure just below to turn around and form a nice-looking hammer. That hammer of course is just below the 0.7875 level, an area that is thought of as significant resistance. With this, it appears that the market is trying to break out to the upside but we are bit hesitant to start buying at this point in time. After all, there is a significant amount of resistance just above once we get into the previous consolidation area. Simply put, we have no interest in trading this market right now.
EUR/GBP Forecast October 8, 2014, Technical Analysis
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
