FX:EURGBP has been just touching and retracing from the daily 50EMA recently for about 3 times.
Using fibo retracements as indicators of support and resistance zones shown by the grey rectangles, I'm looking to long FX:EURGBP with SL just below the support zone and TP just below the resistance zone.
Risk to Reward at about 1.7, I'm fine with that.
With the current decline, we can continue to short BTCUSD to the fibonacci retracement of 0.618.
If you draw the parallel channel using the previous trend line, we can close the short position at the similar fib retracement level, defined by the green dotted line @ about 9120.
Stop loss slightly above the 50% fibonacci retracement.
The falling wedge can either be a reversal or continuation signal.
This falling wedge serves as a reversal signal. After a downtrend, the price made lower highs and lower lows.
Notice how the falling trend line connecting the highs is steeper than the trend line connecting the lows.
Upon breaking above the top of the wedge, the pair made a nice move...
What a drop guys. The drop has created a potential bullish bat pattern with RSI just touching the oversold level.
PRZ is at a good support level.
Only looking at TP1 with R:R of about 1.6, GBP news in about an hour's time.
Trade with caution and good luck.
A nice bullish bat pattern has completed with RSI rebounding from the oversold level.
You may choose to long now or wait for some retracement and enter on lower timeframes.
R:R at about 1.1 (TP1) and 2 (TP2). Good luck.
Price has not covered PRZ, so the bearish butterfly pattern has not completed although RSI has hit overbought level.
Let's wait for pattern completion to ensure criteria met.
R:R at 2.4 (TP1) and 4 (TP2). Good luck.