Most technical analysis threads I read say something along the lines of:
EUR/GBP’s fall from 0.9494 is still in progress and at this point, intraday bias remains on the downside as long as 0.9114 minor resistance holds. Further decline should now be seen towards 0.8635 low next. On the upside above 0.9114 will turn intraday outlook neutral first, but risk will remain on the downside as long as EUR/GBP stays below 0.9416 resistance.
Firstly, where are they getting these exact numbers from, some kind of fib analysis?
Secondly, what I see in the EURGBP is a massive support line with a thinning asymmetrical triangle indicating a possible bounce off the support line. What am I missing?
You will see the trend line is different in the experts’ analysis:
Yeah it looks like .9100 is around the 38% Fib retracement level if you used .8960 and .9420 as your swing levels. Also, previous support was broken around .9150, so traders may be watching .9100 - .9150 for signs of resistance and return to the downtrend… that’s just my opinion…
