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Monitoring A Doji Candle Pattern

EURO-STERLING TECHS
  • RES 4: 0.9292 High Sep 11 and the bull trigger
  • RES 3: 0.9220 High Sep 22 and a key near-term resistance
  • RES 2: 0.9181 High Sep 24
  • RES 1: 0.9126 High Sep 28 and a key intraday resistance
  • PRICE: 0.9081 @ 10:41 BST Sep 29
  • SUP 1: 0.9025 Low Sep 28
  • SUP 2: 0.9000 Round number support
  • SUP 3: 0.8967 76.4% retracement of the Sep 3 - 11 rally
  • SUP 4: 0.8925 Low Sep 7

EURGBP traded sharply lower Monday. Price cleared support at 0.9083, Sep 17 low confirming a resumption of the downtrend that started on Sep 11. The cross has also traded through 0.9063, the 50-day EMA reinforcing a bearish threat. Weakness below yesterday's 0.9025 low would open 0.8967, a Fibonacci retracement. A warning to bears though, yesterday's price pattern is a doji candle and a potential reversal signal. Watch resistance at 0.9126.

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