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glennmercer

EURGBP Short: Potential Cypher Complete at Trendline Resistance

Short
Euro / British Pound (FX:EURGBP)  
glennmercer  
FX:EURGBP   Euro / British Pound
Cypher Trend Lines tl PRZ confluence structure structurehigh EURGBP glennmercer gmercerfx eurgbpshort
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cypherpattern trendline tl prz confluence structure structurehigh eurgbp glennmercer gmercerfx eurgbpshort
EURGBP is nearing the PRZ of a bearish cypher. The PRZ may be confluent with 2 trendlines, one wick to body and one wick to wick and may also be backed by additional resistance from structure highs and 1.13XA. Entry is placed at .786XA with SL above structure high and targets at .382 and .618 retracements of the CD leg.

Confluence in the PRZ:
  • Bearish Cypher
  • 2AB=CD
  • 1.272BC Projection
  • Trendline resistance (2X)
  • Resistance from structure high

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