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After confirming 0.8615 as resistance, EurGbp fell under 0.8550
At this moment the pair is correcting this fall and is trading in a flag pattern
A new leg down can follow once support is broken and a new visit to 0.85 important support
EURGBP is once again testing this support, this 4hr candle will be important and will decide the direction of this pair. If we can get a close below this support we can see a strong bear move to the next support, we might test this support turned resistance before making the move down.
If however EURGBP keeps above this support we might see another move to...
Reasons for short trade:
1. Downward trend which is correctly in a pullback correction
2. Corrective state creates an ascending channel, 90% chance of price going to the bottom of structure, price is at the top of the channel
3. Price is also at the an area of resistance
We consider selling this EURGBP pair because of a strong resistance above. We know what we are doing and we do what the market is doing. This is more than an institutional analysis. Invest wisely. Thank you for following me on tradingview.
price broke clear S&R level which r respected 5
times in the past and MA 200 on 4h then retested
aslo price rested downtrend line on 4h then came
back below the S&R level with long wick
placed SL above the downtrend line ,S&R level and
MA 200 on 4h
targeting daily S&R level
From about 20 days the price was been traded in a rectangle channel , yesterday we ve broken the channel and 4H candles closes below the channel.
Therefore , we can say that the price is getting ready to fall down BUT first we will retest that zone ( in the red circle )
In my opinion the Pair is SHORT according to:
0.382 Fibo line ( 0.85534 ) is...
H4 time frame.
The price rallied to the 61.80 Fibonacci resistance zone of the previous downtrend.
Divergence signal appeared and Key level at 0.85600.
Wait for the price to break the Key level and confirm the downtrend, then you can look for selling opportunities with EURGBP.
The profit target is the 0.84500 support...