EUR/GBP Price Analysis: Bulls target confluence of monthly resistance area
|- EUR/GBP bears take the price into a demand area.
- The M-formation's neckline is an area of strong confluence.
EUR/GBP is offered on the session, so far, but there is a promising bullish case for the week ahead.
The following offers a top-down analysis and illustrates why the price can be expected to move higher from a demand area.
Monthly chart
We have a combination of a bullish monthly head and shoulders as well as a bullish M-formation.
Weekly chart
The price has melted into a demand area and the green candle in all of the bearish impulse is a liquidity zone for bulls to target.
Daily chart
The confluence of the resistance area, or the M-formation's neckline, with the liquidity of prior support as well as a confluence of the Fibonacci zone across, multiple time frames, is a compelling upside target for the bulls.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.