Posted by GBP EUR Technical Analysis –
In this blog, we will study GBP EUR Technical Analysis. We are using top down approach which means will go from monthly chart to weekly chart and then daily chart.
Monthly Chart –
Monthly chart is showing that price is making lower highs and it took support from 1.02003-1.05846, now it at resistance level of 1.19065-1.21215. Price is moving in rectangular pattern for long time.
Weekly Chart –
Weekly chart is showing that price is stuck in the rectangular pattern. Also it has made a bearish engulfing pattern at the resistance level which is upper side of rectangular pattern. Price has tested the resistance level of 1.19065-1.21215.
Daily Chart –
Daily chart is showing that price is moving in rising rectangular pattern which is reacting from weekly and daily resistance level. The next resistance level is of resistance line of lower highs. The next support is at 1.02003-1.05846 which is weekly support
