The EUR/GBP has formed an inverted head and shoulders pattern as the price is rejecting above W l3 camarilla support.
0.8580-90 is the zone where the price might bounce. We can also see HVT trading setup within the marubozu bullish candle as the price is rejecting off the 88.6 fib of the HVT candle (diamond). Targets are 0.8610 and 0.8650. Have in mind that any Brexit headline can spike up or spike down the price as the headline risk is still big. Due to NFP this week, markets are slower and mostly kept within the range so using profit stop is advised.
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
Many green pips,
Nenad Kerkez aka Tarantula FX
This article was originally posted on FX Empire
More From FXEMPIRE:
- Crude Oil Price Forecast – Crude oil markets continue to push
- Gold Price Forecast – Gold markets continue to fight
- Market Review – EURUSD testing 1.1200, Stocks rise stall on lack of further impulse
- GBP/USD Price Forecast – British pound continues to grind back and forth
- EUR/USD Price Forecast – Euro continues to test major support
- USD/CAD Daily Price Forecast – The Loonie Pair Remain Stabilized Amid Tightening Crude Prices