Expect the pair to work the channel before breaking out on bull run to 78.6 on The Fib which correlates with the resistance zone from late January
The last time The Fib welcomed GBPEUR anywhere near the 50.00% marker was way back in April 2018 but that is exactly the minimum we should expect, possible small retracement to the arrows as we are pushing our luck with the BB and then normal business to resume, in all likelyhood there will be no pit-stop and she will keep on keeping on. NB the last time she...
Expect the pair to continue along the channel for a short to the support area, the last time we saw that kind of action was June 2017 before the pair skyrocketed to 0.93103. SELL for now and then look for a huge BUYERS sentiment
There is a possibility of course that a retracement to support 1.29297 occurs but the likelihood is that we move swiftly to resistance 1.30787 to which The Fib concurs at 61.80% LONG
EURGBP pair should follow the descending channel to hit The Fib mark 38.20%-50.00% if she bursts through that then its all the way to the lowest support line in 4 months
Head and shoulders has formed leaving her poised and just about ready for a big LONG, forget the sentiment its sentimental, BUY
There is of course a strong possibility we see a small retrace possibility before she moves through to the August high of .9101 and that is shown in this example.. Short to 0.618 and then long, breaking through the earlier published zones.. What do you think??
Look for the last move in the correction to test 23.6 of The Fib
Using the Elliot Impulse and the Correction (ABC) all signals point to a bullish sentiment over the coming months. LONG
Although the retracement looks to be over (did anyone trade the quick long?) ive added a 2nd option that will ultimately amount to the same short but if she breaksout the initial triangle your backs are covered. The new resistance on reflection should have been in the initial chart.
Over a period of at the most 24 hrs we should see her hit the support line that coincides with the 1.272 marker on The Fib. See how the 2 downward trendlines meet at exactly that point, expect to see a slight pullback/retracement within the 1st triangle as it trisolidates (tries to consolidate) but be quick if you are planning a long trade as it will go short...
Slight pullback to .786 and expect by 20:00 she will have hit the target area-The Fib says so..
However after the retracement and quick trade opportunities the future looks SHORT for this pairing, Turkey's fiat has already been devalued and if you have plans to hold in this pair it can only be SHORT or insanity..
USDTRY presents small and often opportunities with support and resistance often tested, see idea for 2 or 3 viable quick trades
Expect EUR to move strongly, heading toward the August high of .9101 if the lower resistance zone can be broken through, upper resistance zone is achievable especially as Brexit news will start to come thick and fast over the next few days
You'd have to say the period of bearish activity is over for the time being, expect the EUR to strengthen with the shoddy dealings TM is about to green light, The Fib could get gobbled up by green candles this week and the next, tread carefully but aim for at least 78.6..
Head and Shoulders coincides nicely with The Fib go long and close out in the shaded area, if your really brave the rectangle to the top of The Fib..
The price as it stands looks to be a good indication of previous support areas where the retracement is over and all signals point to a sell