themarketzone
Short

Three important zones to monitor over the next few weeks

FX_IDC:EURGBP   Euro / British Pound
With $EURUSD's price hanging inside a very interesting harmonic sell zone (see linked idea) and $GBPUSD with bullish momentum that hasn't reached my target level (see linked idea), I tried to see if there's some reversal levels I could use to trade $EURGBP.
I've found three different levels that could create some short term reversal in $EURGBP that I plan to watch and monitor over the next couple of weeks:

1. AB=CD pattern near 0.725 - This pattern actually already completed and in case that $EURGBP will continue slightly higher it will violate this pattern. If $EURGBP will open below 0.725, this pattern might work.

2. My favorite option is the bearish Butterfly that completes near 0.73 - The figure level, the fib confluence and the harmonic pattern provide good reasons to seek for price reversal near 0.73.

3. The last zone is 0.735 that comes with major structure and the 200 daily SMA line. This zone can be used for stop losses for those who seek to trade the bearish Butterfly . 50-100 pips stop loss above 0.73 could be sufficient if indeed we will see some bearish sentiment crawling back to EURUSD             .

RSI isn't overbought yet, but its getting there.

If we will take the max risk here - 100 pips and max profit for this setup (targets near 0.71), we get about 1:2 Risk/Rewards.

Hope that you'll like this analysis and if you do, subscribe to my newsletters - http://goo.gl/c13urY

Still looking good following that False break to the 200 SMA line. I'm up about 60 pips right now
Reply
thank so much..
+1 Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out