EUR/GBP: big level at 0.86063

The 0.86063 seems to be a big level for the EURGBP with three factors creating confluence: 50% fibo level of the 0.91495-0.80680 downleg, important swing low on Jan.28, measured move target of the most recent A-B-C corrective zigzag.
For this reason (ie. strong resistance) I may prefer the GBP over EUR when taking long position against the dollar.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: