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Sequence of Analysis
1. Let the market stretch
2. Support / Resistance
3. Price Actions
4. MACD / Stochastic
5. Overbought / oversold - two long candle (hourly / 4H / Daily
2. Support / Resistance
3. Price Actions
4. MACD / Stochastic
5. Overbought / oversold - two long candle (hourly / 4H / Daily
Wednesday, February 3, 2021
Forex EUR-GBP Technical Analysis 04-Feb-2021 Forecast Strategy
This is the moment I've been waiting for - to see the behavior of the EUR-GBP movement if it will continue downtrend or making a slight correction before it's continue or reverse to uptrend instead. Let's see the perspective on each of the time frame.
On the monthly time frame MACD starting to converge downward but at the same time it is also standing on the major support level - with contradictory technical indicators signal like this. What will happen ? Will it break or reverse which one has the upper hand.
Weekly Time frame show a clear indication the EUR-GBP is going down since MACD and Stochastic moving in parallel in the same direction. Strong bearish signal and it also broke the major support level.
On the daily and 4H time frames MACD and Stochastic already wearing out signalling the end of bearish signal on the level which may indicate reversal upside.
Having all the contradictory signals will it continue downward or reverse upward. This is the key knowledge I am studying here.
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