JLJ002500

EURGBP - W, D, & 4H analysis - Bullish Advance Pattern

FX:EURGBP   Euro / British Pound
22 0 0
Previously I posted about the Bat formation on the WKLY chart that completed the week of 7/13/15. (See Below) TP1 has not yet been reached.

snapshot

snapshot
The above WKLY chart shows the recent resistance hold ~.7755 and is currently retracing. Momentum is still to the upside and substantial strong support starting ~.7495. With that being said, there still could be plenty of retracing to do.

The Daily chart shows the retracement. It is currently at a weak support zone . First strong support zone is .7495-.7483. We could see a bounce and a good long opportunity (short time frame).

snapshot
4H chart above shows the recent Bull Gartley completion. (TP2 was just missed). I did not enter a trade because I didn't like the risk/reward ratio.

4H also shows a potential Bull Butterfly formation. The PRZ also sits at a much stronger support area and it has a more favorable risk/reward should the formation occur.

Unless the weak support zone continues to hold, I'm waiting for further retracement & bullish PA at strong support before completely committing to a long position.
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