EURGBP - Structure and Fibonacci Cluster indicating a move down

FX:EURGBP   Euro / British Pound
Based on structure we can see a down trend in this pair as we are creating Lower Highs and Lower Lows
We are now at the point where the previous high is tested. Also at this level we have a nice fibonacci cluster of the last 3 moves down. All of this for me points in the direction that the pair will move down.

Entry : 0.7165
SL : > 0.7200
Target : 0.7060

Potential risk : +- 35-40 pips
Potential profit : +- 100 pips
Reward-Risk : > 2.5
Trade active: Stops rolled to break even
Comment: Stops moved to 0.7140
Comment: Stops moved to 0.7110, just a few more pips to go to the target.
Trade closed: target reached: Target reached, trade closed for +109 pips
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Perfeito! :-)
+1 Reply
Nico.Muselle Trading_Jazz
Just lucky that the market went the way I expected it to ... ;)
Nico, the king ~ Horray ~
+1 Reply
that was nice, wish I'd seen it earlier :)
+1 Reply
Thanks ! :)
Looks like a bat pattern might be completed around your Target

+2 Reply
thanks nice analysis
Awesome trade!
+1 Reply
Nico.Muselle JasperForex
Thank you sir ! :)
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