PM90
Long

EURGBP POTENTIAL LONG

FX:EURGBP   Euro / 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


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
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snapshot


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