No-Emotion-Fx

Might move lower to test 0.88930

Short
FX:EURGBP   Euro / British Pound
EURGBP has broken below key support area , which can signal further weakness in coming days...

Analysing swings using fib tools we can see that price is about to retest 0.618 retracement of 06may -12aug swing , where as looking at recent bullish continuation leg after retrace from 25jul - 12 aug , the pair has broken and closed below 0.382 .

Looking at FIB levels confluence of 2 swings , 0.50 level of 06may/12aug near 0.88930 offers more probability as its both 0.5 of previous and 100% retracement of next .

As currently price is also supported by ascending trendline , we may be waiting for price to break below trendline & retest of 0.5 levels of current swing @ 0.91066 before selling anymore ..

current sell target remains 0.88930 , idea invalidates in case price bounce back and closes above key resistance zone in daily chart ..
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Comments

Completely Agree With u broda : )
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No-Emotion-Fx UnknownUnicorn4859181
@UnknownUnicorn4859181, thanks brother
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