EURGBP - Confluent Short
This idea is for a short on the EURGBP pair from a high probability zone.
This area of confluence is the merger of 3 factors.
1. Structure - the .8500 level has acted as both support and resistance since June 24.
2. Trendline - can be observed from August 8th, acting as angular resistance for the downtrend form the recent Supply Zone.
3. Moving Averages -
a. 20/50 - with the 20 below the 50 = bearish bias.
b. 200 EMA Channel - with price crossing below , we have a bearish bias.
4. Psychological level - the large round number.
Look for candlestick formation , showing a rejection of price from .8500 early next week.
The Target is the Demand Zone below.
This area of confluence is the merger of 3 factors.
1. Structure - the .8500 level has acted as both support and resistance since June 24.
2. Trendline - can be observed from August 8th, acting as angular resistance for the downtrend form the recent Supply Zone.
3. Moving Averages -
a. 20/50 - with the 20 below the 50 = bearish bias.
b. 200 EMA Channel - with price crossing below , we have a bearish bias.
4. Psychological level - the large round number.
Look for candlestick formation , showing a rejection of price from .8500 early next week.
The Target is the Demand Zone below.
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