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RiosTrades

EUR/GBP POTENTIAL HEAD AND SHOULDER FORMING 4H TIME FRAME

Short
Euro / British Pound (FX:EURGBP)  
RiosTrades  
FX:EURGBP   Euro / British Pound
Trend Analysis Chart Patterns Technical Indicators forextrading EURGBP Bearish Patterns Head and Shoulders priceaction EUR GBP breakout breakouttrading
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trendanalysis chartpattern indicator forextrading eurgbp bearish headandshoulders priceaction eur gbp breakout breakouttrading
Price Action (Technical Analysis): Market is Accumulating at a key area of resistance, we are speculating price action in this region and spotted a potential Head and Shoulder pattern forming. Our right shoulder is respecting our left shoulder at our key retracement level for trend continuation (38% Fibonacci Level), this idea is invalid if we see price action break above our previous shoulder. We favor this analysis to continue as our analysis so far is to anticipate a breakout of this consolidating market to the downside. Head and Shoulder Pattern would highly confirm this idea giving us more reason to enter this trade short when it is ready to enter potentially at a pull back after breaking support also being our price action pattern neckline.

Fundamental Analysis: 25% of retail traders are net-long therefore we are going to continue bearish flow from here on out.
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