Marenno
Short

EURGBP Weekly review, trading plan on a coming week

FX:EURGBP   Euro Fx/British Pound
Price direction on a Quarter chart is down, as new lower low and lower high appeared (Price direction is not the same as a trend direction)
Last Quarter's close is below 5MA what gives a bit more power to bearish signals
We have a bullish chart pattern (Quarter)
Divergence on a Quarter chart with a current oscillator confirms the reversal pattern, what gives support to momentum traders, and can possibly give a momentum to the price movement.
Price is currently at 76.4% Fibonacci retracement area
in a relation to Previous swing UP
Will look for a bullish long-term entry setup (based on Quarter chart, using lower leverage and wider stops, this type of trade will be left open for up to a quarter) at around 0.7000

On a weekly chart we have a bearish chart pattern
Divergence with a current oscillator confirms the reversal pattern on a weekly chart, what gives support to momentum traders, and can possibly give a momentum to the price movement.
Price is currently at 23.6% Fibonacci retracement area (Filtered to weekly timeframe )
in a relation to previous swing Down
Will look for a bearish short term entry setup (based on weekly chart, this type of trade will be left open for a few days) at around 0.7200

On a 1D chart we have a bearish chart pattern

Price is currently at 61.8% Fibonacci retracement area (Filtered to 1D timeframe)
in a relation to Previous swing UP
Will look for a bearish short term entry setup (based on 1D chart, trade will be left for Hours, but position will be closed in parts and using a trailing technique, will try leave it open for a maximum period possible) at around 0.715

In conclusion, all the levels I mentioned are based on a current market activity, but everything can be changed within seconds, however based on a review that is done, I will be looking for a selling opportunities coming week.
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