DerekUweri71
Short

Has the Eur run out of bullish steam against the Pound

FX:EURGBP   Euro Fx/British Pound
173 8 3
Earlier this month, EurGbp             broke a bearish trendline and appeared to be in an uptrend and the price was crawling up inside the rising channel. However, after price made a bullish rally yesterday to the top of the channel, there doesn't seem to be any follow through. Price is at the top of the channel and is also touching a major trendline. A pin bar has formed at this juncture and there could be a sell-off and a resumption of the old downtrend.

RSI is also showing some bearish divergence.

Stop loss above pin bar at 0.8040
Target will be at least to the bottom of channel - 0.7940 and could go to support of 0.7915

If price breaks the major bearish trendline and exceeds the high of the pinbar/shooting star, then this idea has failed and my bias will be bullish .
Hi Derek, my main concern is that the falling trend line is not plotted correctly. Thank you
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Mazen_alhegili Technician
2 years ago
True we have a good confirmation of broken trend.
Reply
Mazen_alhegili Mazen_alhegili
2 years ago
Please add a comment… Positive feedback and constructive criticism are important to authors and the community.
snapshot
+1 Reply
DerekUweri71
2 years ago
Thanks for comments. I agree. Isn't it possible to have more than one trendl ine?
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DerekUweri71
2 years ago
If price does indeed drop, would this swing high that I plotted not make for a valid trend-line ?
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DerekUweri71
2 years ago
I just posted an idea on GBPJPY, Thanks.
Reply
dopey99 DerekUweri71
2 years ago
I feel the size of the pinbar is too small against the monster bullish bar from the previous day so I do not feel this pinbar will really work.
Just my opinion. Good luck trading!
Reply
DerekUweri71 dopey99
2 years ago
Samuel, Thanks for comments. The pin bar on mt4 is much bigger. I'm unable to copy paste it.
Reply
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