PM90
Long

EURGBP POTENTIAL LONG

FX:EURGBP   Euro Fx/British Pound
31 2 1
Bearish AB=CD Pattern completed
Bearish AB=CD potential
Could carry on pattern
Price as recently rebounded of the .618 fib level which is also a resistance turned support
Entry order between rices 0.758 & 0.761

Price could break through .618 structure
Trend channel could be tested between 0.757 & 0.762
Look to go long if above is met

Comment: *CORRECTION*

Price has rebounded of main structures within AB=CD pattern
Confluence with fib ratios and trend line caused price to push upward and resume uptrend momentum

Early Entry at 0.7611
Stop loss at 0.7568
Target 1 at 0.7669
Initial R:R at 2.26
Target 2 at 0.7705
Target 3 at 0.7746

Related Ideas

snapshot


1st target met
2nd target met
3rd target approaching
Reply
snapshot


Why take the trade?

1) price has been pushing major trend channel
2) price has bounced off broken resistance (turned support) @ 0.765
3) confirmation lines up with 38.2 fib ratio line
4) previous retracement lined up with fib 38.2 before continuing uptrend
Reply
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