tracking a corrective wave in eurgbp will look to enter around a=c @87.85 with the .618 retrace not far away at 87.65. If setting limit order I would shoot for 87.85 with stop at 8715 or just below the .786 retrace. It might go there though as it might make a reverse head and shoulders pattern as well
Nice idea on EURGBP and there may be bullish bias as you have you have identified. For our set up, we have identified the key resistance and support levels for the short term. The first support that we have identified is at 0.8825 (61.8% Fibonacci extension , 38.2% Fibonacci retracement , horizontal swing low support), which is just below your 38.2% fibonacci retracement level. Stochastic is approaching its resistance at 2.4% where a corresponding bounce could occur. If a bounce does occur, we may look at the 0.8876 resistance level (50% Fibonacci retracement , horizontal overlap resistance), which is above your 23.6% fibonacci retracement level.
Please have a look at our idea and share with us what you think.
Please have a look at our idea and share with us what you think.