EURGBP has started a downtrend (structurally speaking)
I believe our ultimate destination, aslong as the downtrend holds below the 90 level, is 87.
As a result I will only be looking for bearish opportunities down to 87. The yellow zone shows my area of interest.The zone contains the 89 flat level which also aligns with a nice S/R flip zone + the completion of a bat pattern. Also contained is the daily 50EMA + a downtrend resistance line (I dont put as much weight on these tbh as drawing them is subjective).
I will personally be waiting for either a trend change on the HRly OR some convincing price action on the 4H (eg solid engulfing/pinbar) at any of these displayed levels in order to get involved in a short all the way down to 87. If the 89 level doesnt hold, I believe we will retest the 90 level and this will be my next area to pay attention to for potential shorting opps.
I believe our ultimate destination, aslong as the downtrend holds below the 90 level, is 87.
As a result I will only be looking for bearish opportunities down to 87. The yellow zone shows my area of interest.The zone contains the 89 flat level which also aligns with a nice S/R flip zone + the completion of a bat pattern. Also contained is the daily 50EMA + a downtrend resistance line (I dont put as much weight on these tbh as drawing them is subjective).
I will personally be waiting for either a trend change on the HRly OR some convincing price action on the 4H (eg solid engulfing/pinbar) at any of these displayed levels in order to get involved in a short all the way down to 87. If the 89 level doesnt hold, I believe we will retest the 90 level and this will be my next area to pay attention to for potential shorting opps.