EURGBP | Sell Orders | 500 pips Trade | June 2019
Market: FX Crosses | EURGBP
*Check the related ideas on this pair!
EURGBP has been labeled at the termination point of a larger degree corrective structure.
The next swing as the best interpretation would present itself as an abrupt and sustained bearish impulse.
Regardless if the Ending Diagonal would allow...
So far we have been long on this coin, it's time to change direction.
We are a few dozen pips from a powerful double top pattern in the daily graph that will surely lead some declines.
The Stochastic is also in Overbought with cross lines.
The pound against the dollar is on serious support which could accelerate increase very soon.
It's a short. EU rallied and failed badly at huge resistance. it's highlighted by the blue line at the top. it didn't even touch and failed just below it. I've managed to enter at 0.91652, but one can still enter short positions at 0.9130-0.9135 range. downside will be huge.
The eurgbp above the important moving average lines (200,100,50).
The above upward trend has been going on for about 3 years and there are no technical signs of a change in the trend.
The eurgbp crossed its resistance this week at 0.9038 and is on the way to test its next resistance at 0.9284
We have 3 big resistance lines incoming,
-0.9 psychological level.
-important trendline on daily
-and as last the upper channel trendline
All 3 I showed by the arrows,
the worst scenario I sketched.
We also took out some shorts from breakout of previous high of the upper channel(see orange arrow)
Let's see, bulls are slightly stopping to buy above the 0.78 fibo level also.
A double top pattern that will cause declines
Stochastic range 80, high range indicating a possible market correction.
A market price correction signal at the market price, rather than a trend signal
Reposted! as this idea was hidden by one of the tradingview moderators due to violation of tradingview guidelines (using all 'Capitals' in description) by us which we deeply regret
Analysis team sold EURGBP at 0.89050 with the long term target 0.87200
Bears are putting their last line of defence at the resistance level at 0.8845.
If the resistance level holds, a decline will occur in the short-term.
Meanwhile, the EUR/GBP currency pair is trading in a narrow ascending channel and expects a breakout.
Good luck guys!
EUR/GBP failing to move up higher. We can expect a drop down on top of the 1H 200 EMA.
Not the best trade, but the odds are there. Keep an eye on it and enter when you have enough confirmation that it's going to go for the short.
Risk a very minimal amount on this trade as it's neither highly probable and only a 1:1 Risk:Reward ratio.
The move is not yet...
EURGBP is approaching horizontal resistance at 0.8675-0.8700. Besides, the 100D EMA at 0.8678 can also prove to be a strong hurdle.
So, traders can look for SELL at 0.8670-0.8710 with SL above 0.8740.
TPs can be set at 0.8500.