On the EUR/GBP
Fibonacci: Price seems to be done retracing and heading back to the 0.618 Level. I will be watching 0.87354 for a possible long entry. When I draw multiple Fibonacci from the recent swing high to multiple swing lows, there's an overlap at 0.87250 which indicates a strong support. The price has dropped below this so this maybe a reversal instead of a retracement. If it is a reversal, price will likely bounce off of 0.87290 area and continue downwards.
Elliot Waves: I am not seeing a valid wave..
I used M Pivots to try and predict the days range for Monday from 0.87290 to 0.88010.
Abandon Trade: if it is a reversal, I'd probably sit this out.
Summary:
1. Watch for the price to hit 0.87290.
2. Set my buy order 5 pips above 0.87290.
3. Set my SL at about 10 pips below 0.87040.
4. Set my TP at about 1.272 Fib Level. This would give at least a Risk/Reward Ratio of about 2.17 with about 59 pip gain.
Fibonacci: Price seems to be done retracing and heading back to the 0.618 Level. I will be watching 0.87354 for a possible long entry. When I draw multiple Fibonacci from the recent swing high to multiple swing lows, there's an overlap at 0.87250 which indicates a strong support. The price has dropped below this so this maybe a reversal instead of a retracement. If it is a reversal, price will likely bounce off of 0.87290 area and continue downwards.
Elliot Waves: I am not seeing a valid wave..
I used M Pivots to try and predict the days range for Monday from 0.87290 to 0.88010.
Abandon Trade: if it is a reversal, I'd probably sit this out.
Summary:
1. Watch for the price to hit 0.87290.
2. Set my buy order 5 pips above 0.87290.
3. Set my SL at about 10 pips below 0.87040.
4. Set my TP at about 1.272 Fib Level. This would give at least a Risk/Reward Ratio of about 2.17 with about 59 pip gain.