Good Evening Dynamic Traders,
An interesting day in the markets, there have been some large movements on today's bar on most of the major pairs. There has been a good amount of high impact news which may have quite possibly contributed to the moves.
Below is the EURGBP chart which looks like it may potentially be doing a two legged extension. Price made a move down, did a pullback to a Fib breather level and then continued down. A BOB has been produced today which may continue towards the support and possibly the value index. Fib tools can be employed to work out the distance of the move.
The Euro has reached a trendline support with today's move. Price has been in an uptrend for some time now, will it find support at the trendline or will it bounce back up? The smart money will wait for confirmation to rejoin the trend.