Happy New year everyone!!
Fairly simple idea to go short on EG on the 4HR TF
Price is at a resistance where it has dropped previously (resistance/supply zone). The RSI as well is indicating divergence.
Considering the confluence and price action i would wait for a drop down retest and move back downward before going short to get in a good few pips in.
Let me...
after quite long rally, in my opinion eurgbp has potential to correct toward between 61.8-38.2% of fibo retracement area (red rectangle zone).
I wish you have a good trade.
From h4 eurgbp chart I see there is potential for eurgbp to go down to test 0.82-0.83 area. The risk is ABOVE 0.84708. The target profit would be somewhere around 0.82-0.83 (somewhere around the lower trendline).
Trade well and wisely.
🙏🙏🙏
Head and shoulder formation on the 4H. I am waiting for a retest of the liquidity zone for a entry to complete the H&S formation, before we see a roll over into 0.89000.
In this analysis, in H1 we see a possible entry in short position in EUR/GBP using these Fibonacci levels
Now, In Daily we see a bearish scenario
So, that is all my simple analysis and just is wait for entry in short position.
Fundamentals Keys:
1. Pound to Euro exchange rate range bound as Eurozone Factory output increases strongly in August
2. Euro is...
My opinion on FX:EURGBP is bearish, we had surprising news from the ECB monetary policy statement which drove the Euro down with their stimulus package that attempts to boost the Eurozone economy, the press conference and the announcement of the ECB calling for a big fiscal stimulus as the ECB has mentioned that monetary policy would not be enough alone to help...
I open sell position on EURGBP at 0.8784. SL 0.8813 because pair can go higher and make another higher extremum near 0.8800
TP1 - 0.8748 RiskRewardRatio - 1.3
TP2 - 0.8726 RiskRewardRatio - 2.0
TP3 - 0.8711 RiskRewardRatio - 2.5
Off course i will close profit position manually if i'll see somithing wrong.
If EURGBP going lower - you need to see EURUSD and GPBUSD...
The reason I am shorting the EURGBP are listed below:
1) There has been a very strong resistance line dating back to June with 5 attempts to the upside and only breaking it twice but it has been a zone that is not easy to break.
2) The pair has been in a strong downtrend since early September and I believe it is now in an area of consolidation.
3) Taking the...
