For Traders

Analytical Reviews

Technical analysis

13.07.201015:00 Forex Analysis & Reviews: The candlestick analysis of EUR/GBP for 2010/07/13

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

We observe the pullback of the EUR/GBP currency pair after reaching the mark of 0.8418. Nevertheless, the continuation of the uptrend with the target at 0.8445 is expected.
Earlier, on a 4-hour chart of EUR/GBP, “Hammer” candle has formed, which signals about a rising motion. This candle demonstrates that this currency pair was decreasing during several days after a failed try to break through the resistance level of 0.8385. However, having come closer to 0.8067, it reversed. This means that the bulls activated at this point having not allowed the bears to fix there.
The breach of Fibonacci correction level 23.6 means that this viewpoint is correct one. Further, within the upward trend there was formed a bullish combination of Rising Three Methods candlesticks, which emphasized the bullish dominance on the market.
On the other hand, long positions should be closed after overcoming the support level of 0.8300, as it will open the way to 0.8217.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.