Phenlx
Long

EUR/GBP shaping a reversal zone?

FX:EURGBP   Euro / British Pound
51 1 2
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
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.
Here we go with the promise H1 trading set up.

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