This analysis is a continuation of previous one, published on Thursday 24th of March. Since then, EUR/GBP has failed in getting through the last high resistance and corrected a bit. Of course, since last Thursday we had weekend and Easter which froze the market, but during Monday session EUR/GBP touched first demand zone and it does it twice.

EURGBPH4Today we’re witnessing another test of gold area which is first demand zone on the chart. It has been tested couple of times in the past, both from up and down. We are also really close to the medium term trend line which was tested 4 times since the begining of March.

eurgbpIt seems that we might see another move up, which should lead us to another test of previous resistance. If supply will be stronger than buyers, then we might have a breakthrough. In this scenario, short positions after retest of blue trendline will be preffered.

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