What’s Holding Price Back from Falling??

Morning Dynamic Traders

It’s not a particularly good start to the day whether wise, doesn’t mean our trading has to start the same way though!!

Yesterday price did increase and from the hour chart below you can see price climbed straight after the convergence. Price didn’t climb very far though and failed at a resistance line, which was previously the support line that price had tagged twice before breaking through a couple of days ago! If you look to the side you will also see that this S/R line is at a RN.

If we look at the daily chart below you will see that price stopped falling at a RN, which happens to be support area.

The roller coaster ride for the EURGBP is still going as price this morning seems to be getting stronger, and yet on the daily chart we are in a down trend. RSI however on the daily chart is showing signs of getting stronger also!
Will price be able to break through the resistance line on the hour chart??
Will price use the support line on the daily chart and start to climb??
Found out on tomorrows update!!

Happy Trading

Richard Monnery