So the OANDA:EURGBP pair dropped as expected, and we're in the sell from the top. In the beginning of the week however, all euro pairs had a somewhat impulsive upward movement, which some of us expected and some did not. Going back to the technical analysis on this pair, we are still expecting a big move to the downside, all the way to the 0.8054 area (yes, that's right), part of a bigger correction. The point is that this big move to the downside has yet to start and this is what the chart seems to be telling us at the moment. On the 60min timeframe in fact, the pair reversed with an impulsive movement to the upside, followed by what seems now to be a small correction: if this is the case, the upward movement will continue and will go all the way up to test the -0.27 of the last major movement on the daily. We are already in the sell, so we will keep positions in break even and eventually we will re-sell from the 0.899 area. Watch this closely. Trade with care and only with a backtested strategy. Please don’t forget to like us if you feel that our analyses and views may be a useful complement to your trading strategies.
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Trade active, again.
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At the very top and all the way to the -0.27, as expected. Should not climb further - downside should commence right about now.
@mohammadonline, Hello there. This is by no means a sell signal, and we recommend you don't trade without a clear strategy, i.e. a trading plan. However, we believe there was a first impulse already, and we are now in a small correction of said impulse (small ABC), so if a sell position would be taken, stop loss should be above corrective structure, if said structure is completed (in this case corrective structure is the ABC in the 60min. timeframe). Trade with care and only with a backtested strategy that works for your trading style.
Please don’t forget to follow us, if you feel that our analyses and views may be a useful complement to your trading strategies.
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