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. 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 that completes near 0.73 - The figure level, the fib confluence and the 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 line. This zone can be used for stop losses for those who seek to trade the . 50-100 pips stop loss above 0.73 could be sufficient if indeed we will see some sentiment crawling back to EURUSD .
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.
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