Technician
Long

EURGBP Forecast: Is it Bottoming?

FX:EURGBP   Euro Fx/British Pound
1503 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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Ansari
2 years ago
hi Technician , many thanks.
two main supports are
1. MA- 200 months
2.Downtrend channel floor
snapshot
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Technician TOP Ansari
2 years ago
Yes mate, Thumbs up.. I monitoring for a long now
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HI TECHNICIAN
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manijeh.kazemi.33 manijeh.kazemi.33
2 years ago
thanks
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EURGBPW
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Technician TOP manijeh.kazemi.33
2 years ago
Hi manijeh, lots of fibonacci confluence around that area .. Lets see how it goes. Always remember that nothing is certain
+2 Reply
thank you my master
Reply
snapshot


Consider this possibility...
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Technician TOP IvanLabrie
2 years ago
yes my friend, everything is possible. But i am speculating on this scenario for now..
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I think we could test that level before
snapshot
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EagleTrades PRO EagleTrades
2 years ago
seems a good area to look for longs
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Technician TOP EagleTrades
2 years ago
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...
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EagleTrades PRO Technician
2 years ago
Fair enough :D
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EagleTrades PRO EagleTrades
2 years ago
EURGBP is a tricky pair, most of its time trades in sideways manner, but when it breaks it explodes..
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AMANPARK
2 years ago
I am fairly new - can i ask a stupid question please: whats a counter trend ?
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Technician TOP AMANPARK
2 years ago
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
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