Technician
Long

EURGBP Forecast: Is it Bottoming?

FX:EURGBP   Euro Fx/British Pound
1520 16 21
EURGBP             Technical Analysis:

1)We have reached the confluence of two main Fibonacci extension levels

1.618 for wave AB
1.271 for wave CD

2) A three drives pattern completes near the current levels.
3) The EURGBP             is testing the main long term descending support

Note that this is a counter trend idea and that makes it riskier to trade..

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I am fairly new - can i ask a stupid question please: whats a counter trend ?
Reply
Hello, there are no stupid questions mate.. A counter trade is the opposite of a trend-following trade.. A counter trend trade is a trade taken in the opposite direction of the dominant trend. For example, this idea is a long idea, so its counter trend because the main trend is down. Good luck
Reply
I think we could test that level before
snapshot
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EagleTrades PRO EagleTrades
seems a good area to look for longs
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Technician TOP EagleTrades
Yeah, the wave could extend a bit further, but generally as you mentioned its a good area to watch for bounces. My chart is a general guideline not a specific trade per se, i always illustrate specific trades by targets and stop loss level...
Reply
Fair enough :D
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EagleTrades PRO EagleTrades
EURGBP is a tricky pair, most of its time trades in sideways manner, but when it breaks it explodes..
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snapshot


Consider this possibility...
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Technician TOP IvanLabrie
yes my friend, everything is possible. But i am speculating on this scenario for now..
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thank you my master
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