EURGBP technical analysis in 4 hours and daily; 2023-02-12Deltafx Admin 13 February 2023
In the monthly time frame of the EURGBP currency pair, the process can be seen as a combination of different patterns formed inside.
In the last movement and in the low times, the area of the green box is the best place to make a decision.
In the day time, we have set 4 important areas in the lower daily fractal as follows:
All movements are currently considered within the above limits.
On a daily basis, we have two negative divergences. Breaking the first trend line with a higher slope is a crucial point. Since we are now in an uptrend, the divergence can complete as a range or side range.
From another point of view, in the 4-hour period we see a positive divergence and reaching the trend line with a lower slope. As can be seen on the picture, a resistance area can be formed from the previous movement, which now takes the role of a support level, which exactly overlaps with the B area of the pattern in the area of 0.88456. It is also expected that the divergence will be maximally completed in the first step in the area between 0.88456 and 0.88962.
The areas touched in the previous analysis can now serve as new targets.
For now, the main thing is to wait for the performance result and stabilize the positive divergence in the 4-hour period.