EURGBP Short - Bouncing off Trend line & Ichimoku Base Line

FX:EURGBP   Euro / British Pound
48 0 3
FX:EURGBP             has been on a long term rise, however the the wedge is closing and the 40 EMA , 50 EMA , and the Ichimoku baseline have converged in what looks to be a ranging market.

The price bounced off the bottom of the trend line and has created a wedge , which is heavily favoring a drop pattern back towards the long term trend line for a break, as well as the fact that the price is hitting a solid resistance area shown in the past 2 days.

I'm expecting a big drop, safe traders can put a Sell Stop under the trend line for a short, or a sell limit at the top of the down trend line for a possible higher position. If you want something in the middle, the supply zone is another possible entry, however it may bounce again to the trend line before dropping, so keep a liberal stop loss of ~20 pips.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
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