Tendency: Downtrend (Bearish)
Structure: Harmonic Pattern is suspected (AB = CD)
Observation: i. Impulse A to B breaks support @ 0.90000 ( a psychological level).
ii. Support broken @ 0.90000 becomes resistance for completion of correction move from B.
EURGBP expected to rise up to 1st resistance at 0.87170 where it could potentially react off and drop down to 1st support at 0.86278.
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ANALYSIS ON EURGBP
Welcome to my analysis
2 Hour Chart
Interesting Point of interest In the EURGBP pair.
- Price still below 200 day EMA.
- Expecting more downward momentum.
- MACD showing bullish divergence so watchout.
- Bottom for BUY
i was waiting to pullback of last 4h candles to look for opportunity. and now i can see that after braking trend line and pullback again to it, it appears shooting star candle and week volume to continue upward. so its good sign for sell EUR here
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For this setup we have:
-A Primary Wave 2 Elliott Wave completion
-Sharp Zig-zag correction to complete the correction of the Primary Wave 2
-End minor channel support
-Extremely oversold conditions (H4 RSI reached 20)
Expecting a minor pullback before the trend begins.
2 Stop-loss scenarios:
So far as forecasted (check the " RELATED IDEAS" below).
I need a longer and less sharp correction to look for another sell as shown on the chart.
My previous sells reached their target.
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