EURGBP nearing support

Good Evening Dynamic Traders

I hope you all had an enjoyable weekend and are well prepared for a successful week of trading.

The EURAUD as mentioned on the blogs from last week, ended the week with a BOB of the low and appears to be continuing with the down trend. Caution should be taken however, as we're bang on the RN, which has previously acted as a support level. In fact today's candle may end as a doji, suggesting market indecision whilst the buyers and sellers fight it out.

The EURGBP is another pair worth putting on your watchlist. Since around Aug this pair has been rallying nicely. Price then hit a peak in Oct and headed south. This may in fact be the expected breather after it's big move up. Price has been sitting comfortably around a fib breather level for the past couple of weeks and may be the bullish flag we'd like to see for a possible continuation to the upside. Hovering below price we have a support cluster which could be the springboard price needs to return to it's trend. Also note the MACD convergence.

















Carry out your analysis and put the odds in favour. Certainly one to keep an eye on should price bounce up for a trend trading execution.

Great trading!
Sonia Molina