Phenlx
Long

EUR/GBP shaping a reversal zone?

FX:EURGBP   Euro Fx/British Pound
51 1 2
a year ago
Hi Crew,

EUR/GBP             is caught in a 50 pips trading range since 4 days. With this on Daily basis we can see that a structure levels is being formed by the marked. This structure level might be the right shoulder of a bigger SHS             pattern. Although this would be now to speculative lets try to figure out some hard facts.

- Market is fighting between 0.6980 and 0.7027 which is on a resistance level (black dotted line)
- Market had retraced to 0,886 fib of former upleg (upleg last purple line, retracement light green line)
- Bigger picture (monthly view shows downtrend which is touching strong support levels (linked to this idea)

How will I trade this?
I will wait the break out of the trading range 0.6980 - 0.70270 (better visibility on H1). After successfull break I will use the retracement for enter long. I will post the H1 chart below the comments of this idea.


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Please remind yourself that this is just my personal view on the market and you always should do your own analysis before trading
a year ago
Comment: Hey guyz,

just to update my analysis. It seems we hit it right. Now we need to look for further long set ups. Stay tuned.
Phenlx
a year ago
Here we go with the promise H1 trading set up.

snapshot
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