FullTimeTrader
Long

EURGBP-D1-Potential bullish shark at key area

FX:EURGBP   Euro Fx/British Pound
1488 14 37
The EUR is still weak and not ready for a rally against other pairs. We could expect a slow further decline, if this happens this pair could give us a good setup for a long entry at a key level.

At W1 chart we have:
- potential inverse head and shoulders pattern
- first convergence (higher high) confirmed by oscillator
- strond psycho number 0.7000

snapshot

Here on D1 chart:

- Previous ending diagonal suggest this pair already bottomed
- Perfect bullish shark
- EW wave B (see below)

snapshot

I will place buy limit orders near 0.7000.
SL and targets shown on chart.

Best regards.

*****************DISCLAMER********************************************************************
Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
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Comment: First target hit, moving sl to be
Comment: second target hit
EURGBP are going to rise!!!
work great
Reply
Yes!, at that time was difficult to think the EUR will recover. Regards.
Reply
BLKS FullTimeTrader
ya, gbp is falling as well.
Reply
Adjusted levels for targets:
snapshot
Reply
dinesh26 FullTimeTrader
Can I still get in on this trade? or is it not worth the R/R at this point? you have great analysis btw! keep up the great work.
Thank you.
Reply
Hello; I'm not so good in patterns but must the last ending point not be beneath/under the startingpoint to be a shark?Otherwise great job..Greetings ,Johan
Reply
FullTimeTrader johan.verm
The last point could be in the range 0.8860 - 1.13. This time i prefer the 0.700 because its the 0.8860 fib and round number 0.7000 is a reaction level. Im using also my Elliot Wave count to choose a more specific entry point. Regards.
Reply
johan.verm FullTimeTrader
Thanks.Have a nice tradingday..
Reply
Agree, an ab=cd is forming as well and target to completed at 0.70000 then will start rise.
It might also rise to 0.79300 due to a potential bat is forming as well in daily chart. :)
Reply
Nice, looks like a great setup! I will adjust my last target on my short based on this and try to enter long now!

My short:
EUR/GBP: Short from broken trendline
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