TraderMozo

Bearish Bias for EURGBP

Short
FX:EURGBP   Euro / British Pound
PAIR IN FOCUS: EURGBP
ACTION: POTENTIAL SHORT


Price has climbed higher in the past weeks on weakened GBP due to Brexit news. Price has hit an area of strong resistance and could possibly reverse from it. It would be most favorable should price retrace higher and form the right shoulder of a H&S formation, also providing a better R:R ratio.
Entry zone, TP 1, TP 2 and Stop Loss have been indicated on the chart.

**It is very critical to watch for a clean break down from the indicated level (0.90900) for further bearish confirmation.
Comment: Price barely touched the entry zone, dipped and closed below the critical level.
A H&S pattern has formed and price has retested the neckline.
Likely to expect a further bearish movement to the TP zones.
Comment: Price has dipped into TP 1 zone. Observe price action for further signals.
Trade closed: target reached: TP 2 HIT!

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