I have followed this pair down for a while now. After reacting off of the top trend line and the 200 MA, it has broken my bottom trend line and looks like it may continue falling to the bottom of my large trend line. My target is a previous S/R target at 0.7045. Let's make some pips!
EG has failed to break above an area of resistance. Coupled with reacting off the .618 fib, IF EG breaks my trend line I will be initiating a sell pending appropriate price action. Let's make some pips!
My scan of the currencies has produced a nice short term trade setup. Price has performed an ABC bear flag that has turned at the 50% fibo. Because of this I am looking for price to sell to a target of at least 0.9801.
Price has decided to form an ABC pattern to look for sellers at the top. If price can break my channel to the downside, followed by a correction, I will still be in to the 0.7082 target.
WAIT until price action proves this.
The EG seems to have formed a double top on the 4HR chart. I am looking for a break of the single line trend line, then a hook back up and then I will be in the trade. I will be using the fibs as a guide line and my two major previous S/R targets are 0.8545 and 0.84434 but I will be looking to trade this to the ...