EURGBP Forecast: Is it Bottoming?

FX:EURGBP   Euro / British Pound
1522 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 ?
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
I think we could test that level before
EagleTrades EagleTrades
seems a good area to look for longs
Technician 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...
EagleTrades Technician
Fair enough :D
EagleTrades EagleTrades
EURGBP is a tricky pair, most of its time trades in sideways manner, but when it breaks it explodes..

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