Key area. I recognize this pattern,it's Bearish.
Trendline Holding 100EMA (red)
Sell to the indicated target
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💹EUR/GBP ⏬BUY @ 0.85600
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The analysis is done in the H4 Timeframe. The MArket is moving in a descending triangle. And pull back strongly from strong weekly support.
At the same spot, we have a double bottom that is good price action for buy.
As I said last weeks...I will continue to follow BUY until the area 0.88950 but first I will wait for another rejection in the area of the trend line from 0.86400
...did not reject from the trend line and closed just below it which makes me think of SELL to the Fibonacci area 786 from where in case of a rejection for at least 1 day I will search again and BUY to...
With over 350pips in the kitty, the price continues deep lower in our favour since my last publication on this pair (see link below for reference purposes). As the tendency for price finding lower lows increases, I suspect that the Euro risk a further decline in the coming week(s) on the back of the Pound finding "better days"!
In this regard, a very simple...
EUR/GBP has made the head and shoulders pattern on the daily timeframe.
After breaking the neckline, it's moving to reach 0.8776 - 0.8700 .
But if it starts to move upside by crossing the neckline, then it's a failure of the head and shoulders pattern. And targets are as followings levels 0.8906 - 0.8946 .
My last publication (see link below for reference purposes) on this pair enjoyed 135pips run in our direction before the rally.
Now - Since late December 2020, the EUR/GBP has been rangebound between roughly the GBP0.91150 - 0.89500 level and emphatically respecting a channel. Despite most quarters supporting the appreciation of the Euro considering the unfolding...
Here's the daily chart of EUR/GBP. In the triangle, the trend is in the making process of the fifth wave. It has to cross to complete the fifth wave. And the trend has to cross 0.8953 - 0.8930 to complete the 5th wave of the triangle.
The EUR/GBP has made the Elliott wave on the 15m time frame. The 5th wave and ABC Correction is remaining. The trend has to hit 0.9091 - 0.9110 - 0.9130 , to complete the 5th wave. And then it will start to make ABC correction.
But if it started to move downside, that means the failure of the Elliott wave pattern. And then the trend will hit 0.9056 - 0.9040 .
As we can see this pair is performing H & S pattern and already break support which now become a resistance
and now retesting this broken zone but fail to break so we are enter to sell on this pair
with a small risk and looking for higher rewards
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Here's an hourly chart of EUR/GBP, which started to make the bullish Elliott wave pattern. The ABC correction is remaining.
The 2nd wave is 23.60% of wave 1.
The 3rd wave is more than 161.80% of wave 2.
The 4th wave is 38.20% of wave 3.
The 5th wave is 61.8% of wave 4.
In the ABC correction, A is 61.80% of wave 5.
B will be at 50% or 61.8% of A,...