Rationale
0.382 retracement of longer trend since July 2015.
Recent moves down since 15th November resembling 3 drives pattern, final leg to terminate around 8405.
Also coincides with bottom of price channel starting from April 2016.
Entry
8422
Stop 140
Limit 245
Targets
T1 8562 - 0.382 retracement of the move down 11 October (excluding the wick)
T2...
Hi guys,
here on EURBGP we started our analysis on the daily chart, in there you can see that we are heading downward for a few days without even the tiniest retracement. In RSI we are deep oversold and so we expect some kind of a bigger retracement coming. So we point out the daily resistance level that may provide some support.
Tha black line means this, we are...
Since the beginning of this year, the FX pair EURGBP has made a fast reverse, leaving its downside trend for a very bullish construction. On that situation, as long as the tops and bottoms remain higher than the previous ones, we should look for potentially interesting entry points. Here, we probably got one due to the following reasons :
- beginning of a bounce...
1D
Most traders are expecting a correction. I am trading this as a pullback and expect a continuation. EURGBP is bound to have a significant correction, but I don't believe this is it.
As expected price is stalling 0.90500 level. I am expecting price to pullback to 0.86700 level because that a level with ton of confluence.
+ 50 daily EMA
+ 50-60% fibbonaci retracement
+ higher low
+retest of previous support of 0.86700 level
Eurgbp is consolidating from last week and I expect the breakout to be wild one. I don't rule out the possibility of false breakout, bcos people will get excited, price moves up & euphoria settles down comes back hits our stops and market moves to other direction. In triangles always wisely place your stops ( figure out a better way to manage risk n reward ) , so...
