EUR.GBP - BEARISH CYPHER SETUP - .8598
On the EUR.GBP 1hr chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between .8598 & .8638
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around .8480
Stop loss would be placed above X leg structure resistance .
Target 1 - .8542
Target 2 - .8506
The price reversal zone on this pair is between .8598 & .8638
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around .8480
Stop loss would be placed above X leg structure resistance .
Target 1 - .8542
Target 2 - .8506
Comment:
I have been informed some traders have been spiked into this position due to front running their orders.
Comment:
A pullback to the .8550 level is expected.
Comment:
If you front run your orders and got triggered your target 1 should now be attained.
Comment:
A break and close below the last higher low, expecting a minor pullback to .8550 and a potential head and shoulders formation.
Comment:
If you front run your orders and got triggered your target 2 should now be attained.
Comment:
If you front run your orders and got triggered your extended target should now be attained.