EURGBP - LONG

Dear community,

for those who appreciate a bit of a wilder ride read on. Those who don't, feel free to move on.

On a fundamental basis it is pretty much IMPOSSIBLE to predict what is going to happen with the UK and Brexit. Either way I believe the EUR will gain against the GBP - at least in the short term.

Having a look at the technical side I guess a picture tells more than a thousand words. I believe the EURO will rise and hit AT LEAST the 50% / 61.8% Fibonacci Retracement. If you would like to stretch it a bit more: A test of the upper trend channel is a possibility as a target.

If you like this idea, or if it even makes you some money feel free to follow me :)

Good luck!

Trade active:

Perfect entry level for those who were patient enough!

Comment:

The price came really close to my stop loss. The trade is still active and I will leave it as I opened it calculating the risk. The a-b-c should kick in sooner than later.

Good luck.

Comment:

For all the SHORTIES out there, this is the overall picture. I believe that we will start a HUGE down move once the current a-b-c move is complete.

Comment:

It looks like we have started building the A within the A-B-C. Now it's VERY important to keep an eye out if the A is built with an underlying a-b-c or a 1-2-3-4-5. What's the difference you ask? If the A is made up of an a-b-c pattern, the overlying correction is likely to be flat - whereas a 1-2-3-4-5 increases the chances of the correction being steep (that is what we want!).

Comment:

Wave (b) could be complete at this stage - I believe wave (c) is in the making now.