EURGBP: Potential Long setup developing
we have a weekly double bottom formation and a confirmed rejection off a major area of support at the 0.84 area. After that rejection price has impulsed up on increasing volume and it is currently consolidating in a dynamic area of supply and demand.
Here in the 4H chart we can see a potentially forming triangle continuation pattern.
First target being the next 1.27 Fib extension at the 0.8632 area, and second target being the next cluster of resistance at the 0.869 area. It's important to be aware of a potential rejection at the 0.861 area.
I am personally looking to enter long in either one of these situations:
a) price forms a solid rejection pattern off the triangle 's lower boundary.
b) Price breaks above the pattern and gives a clean continuation pattern, anticipating further upside
Here in the 4H chart we can see a potentially forming triangle continuation pattern.
First target being the next 1.27 Fib extension at the 0.8632 area, and second target being the next cluster of resistance at the 0.869 area. It's important to be aware of a potential rejection at the 0.861 area.
I am personally looking to enter long in either one of these situations:
a) price forms a solid rejection pattern off the triangle 's lower boundary.
b) Price breaks above the pattern and gives a clean continuation pattern, anticipating further upside
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