ZuluTrade Blog

Potential bullish setup for EURGBP

Market View | Tuesday, September 18, 2018 2:26 PM GMT

The overall pressure remains to the downside while all short-term setbacks to the upside were selling opportunities for the bears.

Reviewing the weekly timeframe, EURGBP moved towards the level 0.887, where the pair found support at the long-term trend line (T1). In addition, it is currently flirting with the Fibonacci 38.2% level, which may offer a decent support to bulls. Regarding RSI, it consolidates above the level 50, which also acts as a support level.

Heading to the daily timeframe, the pair is creating the second positive divergence on Stochastics. Usually, the second or even better, the third divergence is stronger than the first one. Therefore, the bias may change, giving a potential buying opportunity near this area.

Our today’s agenda doesn’t include any news, although, tomorrow early morning, we are expecting the UK Consumer Price Index (YoY), which means that the market will be volatile during this session.

Always review your own analysis. If there is a confluence between this and your own strategy, then you may have even better trading setups.

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