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EURGBP






3/30/2016 2:57:16 AM

EURGBP breaches a negative pattern's support - Technical Analysis - 30-03-2016



EURGBP fell in the short term, breaching the support of a negative technical pattern contradictory to the upward short-term trend, the Rising Wedge pattern, as shown in the attached chart, which led to more losses, trespassing the SMA50 and doubling the negative pressures on the pair's coming trading, especially as relative power indicators rose to extremely overbought levels compared to the pair's upward movement.

Therefore we expect more losses to come for the pair, targeting the first support at 0.7790.


Target
Risk


Support
Resistance


Trend Bearish

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