EURGBP is now testing major resistance at 0.8911 (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance) and a strong drop could occur from this level to push price down to 0.8747 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance at 95% where a corresponding...
EURGBP has reacted nicely off major resistance at 0.8911 (Fibonacci retracement, horizontal swing high resistance) and a strong reaction could continue from this level to push price down towards 0.8747 support (Fibonacci retracement, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance at 95% where it reacted nicely off. Huge downside...
EURGBP is now testing major resistance at 0.8911 (38.2% Fibonacci retracement, horizontal swing high resistance, Fibonacci extension) and a strong reaction could occur at this level to push price down to at least 0.8747 support (Fibonacci retracement, horizontal swing low support).
Stochastic (21,5,3) is seeing major resistance at 95% where a corresponding...
EURGBP is now testing major support at 0.8766 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) and a bullish bounce could occur at this level pushing price up to at least 0.8914 resistance (Fibonacci retracement, horizontal swing high resistance).
Stochastic (21,5,3) is seeing major support above 4.3% where a corresponding bounce could...
Price is back to major support at 0.8842 (Fibonacci retracement, horizontal overlap support) and a strong bounce could potentially occur at this level to push price up to at least 0.8972 resistance (Fibonacci extension, channel resistance, horizontal swing high resistance). Our next major leve of support is at 0.8786 (Fibonacci retracement, swing low...
EURGBP on the daily time frame shows that we soon might see a bullish reversal. Currently it still shows a double bottom which might turn into a triple bottom. You can either wait for another 20-25 pips before you start buying or buy now and use a bit bigger stop loss.
Entry: CMP
TP: 0,8880
SL: 0.8740
Pending Long @ 0.9210
Stop Loss @ 0.9160
Target @ 0.9325
RR Ratio @ 2.3
Trading involves substantial risk of loss. I'm just providing insight into what trades I'm taking.
We have a bullish Gartley setting up on the EURGBP with an entry that aligns with previous structure.
There is nothing bullish about the Pound, and if Mario Draghi fails to specifically address the exchange rate/detailed monetary policy again tonight then we should see further upside to this pair.
All the best,
Mase.
After forming a fakey bar on the daily time frame, this Forex pair took me out of my trade just to have another price rejection in which I did re-enter again a long trade. For four trading days, this pair has been going on sideways which was slightly tempting me to close the trade at Breakeven,.. not closing it was a good decision. Plus I also noticed the inside...
Our preference: position bought above 0.8815 with targets at 0.8875 & 0.8900 in extension.
Alternative scenario: in break of 0.8815, a continuation of the decrease will be envisageable with 0.8780 & 0.8760 in line of sight.
Comment: The RSI is losing its bearish momentum.
Our preference: position bought above 0.8830 with targets at 0.8860 & 0.8880 in extension.
Alternative scenario: in break of 0.8830, a continuation of the decrease will be envisageable with 0.8815 & 0.8800 in line of sight.
Comment: A support base of 0.8830 was formed and allowed temporary stabilization
