EURGBP - Play for a pull back within the range

FX:EURGBP   Euro Fx/British Pound
144 3 5
If I expect GBPUSD             ton show some neutral or corrective move maybe down to 1,55-1,56 area, and I also expect the USD Indx             ( DXY             ) to weaken,so same time EURUSD             to move higher, then obviously I have to examine EURGBP             too, and consider a long in this pair!

- Bearish Ichimoku setup with bearish consolidation in 0,7110 - 0,7370 range.
- Heikin Ashi signals changing sharply, with haDelta/SMA3 swinging around zero line. There is some bullish divergence in haDelta. Week has just started but so far now lower low on the recent candle. Watch how it develops later this week.

- Although Price is below the Kumo, the Ichimoku setup itself has been neutral for some time. We see heavy swings around the cloud, but the long term equilibrium level (Senkou B) has not been really changing, it's been flat.
Tenkan, Kijun and Senkou lines stay appr. all together between 0,7220 - 0,7270.
- Price is close to range borrom, and the whole range channel may have a minor bullish tilt ) pls             note we only have two touch pointsuntil now.
- Heikin Ashi signal today (so far) looks like a possible reversal and pull back to equilibrium is ahead: small inside candle body with no lower low + haDelta/SMA3 ticks higher. We'd still need haDelta to come back above zero line for a sustainable bullish move.

All in all the Long position from here has quite a good risk-reward for me. I enterred at 0,7155.


Kumowizard PRO No_more_Post
Now we need only the market itself to agree it even more ;-)
+1 Reply
Looks like a symmetrical triangle to me, I guess we can see a tiny advance before a steep fall next.
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