DerekUweri71
Short

Has the Eur run out of bullish steam against the Pound

FX:EURGBP   Euro Fx/British Pound
184 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 .
I just posted an idea on GBPJPY, Thanks.
Reply
dopey99 DerekUweri71
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
Samuel, Thanks for comments. The pin bar on mt4 is much bigger. I'm unable to copy paste it.
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If price does indeed drop, would this swing high that I plotted not make for a valid trend-line ?
Reply
Thanks for comments. I agree. Isn't it possible to have more than one trendl ine?
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Hi Derek, my main concern is that the falling trend line is not plotted correctly. Thank you
Reply
Mazen_alhegili Technician
True we have a good confirmation of broken trend.
Reply
Mazen_alhegili Mazen_alhegili
Please add a comment… Positive feedback and constructive criticism are important to authors and the community.
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