EURGBP (Daily) SHORT IDEA: a Possible DOUBLE TOP Market Reversal
POTENTIAL PROFIT: SHORT UP TO 120 PIPS
TECHNICAL ANALYSIS:
-Since the end of March 2020, the price has been moving in a strong uptrend until it reached the main weekly resistance zone at about 0.93000, important level that rejected and inverted the market's trend. High volatility and strong momentum gave to the price the opportunity to move up so quickly.
-A nice trend correction (until the 0.61% of Fib retracement) followed the strong uptrend, before starting a short period of consolidation.
-At the end of May, the price bounced on a daily support, giving a nice expectation to grow again, but the market started a long side trend, bouncing up and down between the resistance and support zone.
Since the end of November 2020, the price tried twice to reach the resistance level, failing both of the times (long shadows on the top upbars could be a sign of reverse and weakness of the market).
CONCLUSION:
The market is definitely moving with a clear daily side trend, few days ago it failed the attempt to reach and break the resistance level that seems to be really strong.
A double top pattern, up bars with small body and long shadows, make me think about a weak market and an upcoming short event! I don't have any short position opened right now, because the pattern hasn't confirmed any market reversal yet.ù
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TECHNICAL ANALYSIS:
-Since the end of March 2020, the price has been moving in a strong uptrend until it reached the main weekly resistance zone at about 0.93000, important level that rejected and inverted the market's trend. High volatility and strong momentum gave to the price the opportunity to move up so quickly.
-A nice trend correction (until the 0.61% of Fib retracement) followed the strong uptrend, before starting a short period of consolidation.
-At the end of May, the price bounced on a daily support, giving a nice expectation to grow again, but the market started a long side trend, bouncing up and down between the resistance and support zone.
Since the end of November 2020, the price tried twice to reach the resistance level, failing both of the times (long shadows on the top upbars could be a sign of reverse and weakness of the market).
CONCLUSION:
The market is definitely moving with a clear daily side trend, few days ago it failed the attempt to reach and break the resistance level that seems to be really strong.
A double top pattern, up bars with small body and long shadows, make me think about a weak market and an upcoming short event! I don't have any short position opened right now, because the pattern hasn't confirmed any market reversal yet.ù
❤️If you enjoy my FREE Technical Analysis , let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!❤️
