If the price holds below the 0.88221 We could se further downside. Where the supportline in the trend channel will be the bottom
While a break of the 0.88221 level Could trigger a run for the 0.88695 area. Before further downside.
If the price breaks 0.88714 level . The resistance line in the trend channel will be the top at 0.89702. This level should be watched carefully, as the descending trend channel after a uptrend that started 2015/07 can be a midterm consolidation channel before further upside.
If the price does not break the 0.87922 level Price might be heading to the support line of the trend channel where 0.86473 area will be the bottom ____
Fundamental:
We also have a lot of macroeconomic data that is coming out the next 2 weeks, where the inflation reports ( Consumer price index Core) are in focus. The CPI - Core data have a 0,1% lower consensus than previously. this could help to support the analysis for a short setup, with break of the 0.87448 level, that could trigger a run to the bottom of the trend channel at 0.86473
We also have PMI numbers coming out for EURO zone, Germany and Spain. where the numbers have a consensus of stable data, that are equal to the previously data. while Spain's consensus for Service PMI have a consensus of being 1.3 point lower, than previously.
Plus we have ECB Monetary policy meeting Thursday the 5 April.
Also we have some macroeconomic data coming out for Great Britain, where PMI numbers have a consensus of being lower than previously. _______
Konklusion.
While the EURGBP have had a strong selloff start March, we saw the price retrace a few pipes, and bulls tried to break the 0.88 level. this was not a succes and the price bounced back to the 0.87361 level, before moving up to 0.87897 and making a daily evening star.
the price have already touched the support line in the trend channel, and is failed to break the 0,88 level for now. this could mean that the price is headed back for the support line before further upside. also we have macroeconomics data, that can drive the price in a range period.
To support the break of the levels that are described previously, we need to look for the data, that Great Britain are realising the next 2 coming weeks, where lower PMI numbers can drive the EURGBP prices higher and break the levels as described before. _____
We have.
For a long position
1. Trend channel, where prices are trying to move higher. 2. Bullish divergence. 3. Macroeconomia data
For a Short position.
1. Daily evening star. 2. Fail of breaking the 0.88 level. ( important support / resistance) 3. Macroeconomic data
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