EUR/GBP: Bearish break (02/09/2013)

EUR/GBP (4Hrs)

 

On our previous post we were not sure whether there will be a reversal of the trend or a break out.

Well, it seems that the bears (sellers) were stronger than the bulls (buyers) and managed to break the 50% Fibonacci retracement level.

This break resulted in a 100 pips move!

The following is an analysis of the currency markets using the Trend/Wave/Extreme system . You can read about the system here. Please read our Risk Disclosure and Terms of Use  prior to making a trade using this information.