FX:EURGBP   Euro Fx/British Pound
208 3 10
The EURGBP             made a nice impulse from 0.70 towards 0.78. I will be looking for either another bullish break towards 0.80 or a bearish break towards 0.74.

I've been trading this pair long as can be seen in my previous posts.
Have a look at the bigger picture first:

snapshot


I like to see at least a test of 0.80 for that upper channel line. However as long as price stays within the channel I consider this a consolidation. It is very likely that the Pound weakened due to some fear of UK leaving the EU. However I don't think that will happen which will strengthen the Pound at least short term against the Euro             .

Whatever the fundamentals are, for now the technical's are key. The 4 hour time frame shows a clear impulse higher of lesser degree and I'm focused on that for now.

The arrows indicate both bearish and bullish scenario. The convergence of price is presenting us a relatively safe trade if we let it complete first.

Updates will follow.

http://www.timstuyts.com

facebook/timstuyts/

Trade closed: target reached: I personally did not traded this pair long although I posted it here on tradingview due to the price action at market opening this week. However it made a new high after the break which was the minimum target. Updates will follow.
Hi Stuyts, correct me if i'm wrong, but maybe it's a head and shoulder pattern, so probably a bearish break.
+1 Reply
TimStuyts tabasc0
I don't think you are wrong with spotting a potential head and shoulder pattern. As long as it is in line with structure I will trade it but not because of the head and shoulder pattern itself.
But the bearish break will validate that pattern, once we see that I'll watch for a consolidation before selling towards 0.74.

Thanks for your input.
+1 Reply
snapshot
+1 Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out