DailyMarketUpdate

⬇️ We are short!

Short
FX_IDC:EURGBP   Euro / British Pound
The EUR/GBP manages to reach a lower low. 📉 🐻

We are already short since the beginning of August; however, it might not be too late to jump on the moving train! Short with stops above the previous highs might be a good idea. We see the downward move continuing. Target is as always our yellow box, where we expect a reversal. Nevertheless, we have to watch out for the 0.87 GBP area as there is strong support in form of the 61.8% resistance line. After completing wave (2) in white, we expect a strong upward move, if the scenario pans out as depicted.

Feel free to comment and discuss!
Happy trading!

Comments

Very detailed technical set up, i have same view here! Upvoted
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DailyMarketUpdate plancton0618
@plancton0618, thanks for your support!
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