We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.
Today he is going to take a look at the technical picture of the Coffee. (EURGBP).
I hope you are having a GREAT week !!!
This week let's take a look at the EURGBP.
When trading Forex we use the weekly MarketClub Trade Triangle for trend and the daily MarketClub Trade Triangle for timing.
Right now all three MarketClub Trade Triangles are pointing up so odds are with higher prices.
The EURUSD is in a longer term up trend and has made a counter trend correction, which is probably over.
There is a good chance the current daily and weekly green Trade Triangles are the start of a new bull move higher.
If the EURUSD trades higher and breaks through resistance that will help confirm that higher prices are more than likely on the way.
The MACD is on a buy signal and that also supports the bullish case for the EURGBP.
Right now the EURUSD looks to be a great Chart to Watch.