EUR/GBP: detailed chart breakdown. What to expect this week?
Setup #1 : EUR/GBP
As we can notice from the graph, the price has had a massive bullish run to the upside. We also know that after an impulsive move, a correctional one is needed.
At the moment, the price is forming a top at the area of resistance that is illustrated on the chart before charging up for bearish moves. A double top pattern has been formed, which means people have already started executing short positions.
Zooming in, we can see how the price is attempting to pullback and re-touch the same level before potentially dropping.
Thus, we are gonna closely monitor the price action, give some space for development, and execute once enough confirmations have been provided.
Our Target Profit will be set at the previous level of resistance that lines up with the 61.8% Fib.
As we can notice from the graph, the price has had a massive bullish run to the upside. We also know that after an impulsive move, a correctional one is needed.
At the moment, the price is forming a top at the area of resistance that is illustrated on the chart before charging up for bearish moves. A double top pattern has been formed, which means people have already started executing short positions.
Zooming in, we can see how the price is attempting to pullback and re-touch the same level before potentially dropping.
Thus, we are gonna closely monitor the price action, give some space for development, and execute once enough confirmations have been provided.
Our Target Profit will be set at the previous level of resistance that lines up with the 61.8% Fib.