- January 24, 2022
- Posted by: Tradingshot Articles
- Category: Forex
EURGBP has been trading within a Channel Down since April 2021. Last Thursday, the price touched the bottom (Lower Lows trend-line) of that Channel and Friday posted a strong green 1D candle. This also formed a Bullish Cross on the 1D MACD. Every time the price reverses near the Lower Lows trend-line of the pattern and the 1D MACD makes a bullish cross, it is a signal for a rebound towards the top (Lower Highs trend-line) of the pattern. The previous topeed within the 0.618 – 0.786 Fibonacci zone. We are setting a 0.85000 target on this bullish leg within a 1 month horizon.