EURGBP bullish wedge, inside of long term bear trend
Updated
Looks like we have a legit wedge on the right now. At the moment it's at the support, so i am giving it a first half entry here and wait for it to move up and increase on the breakout. So i will start small on this one, because the wedge on the left broke, which could mean something else is going on. So not an ideal setup, but still worth a shot IMO.
I will be using 2 targets here, maybe a third, but that depends on how things move if we move up.
Previous analysis i showed the bigger wedge on the left, where we had a big move up a week ago but that long term resistance pushed the price down a lot again. So my thought now is, we will see a second attempt which can make a lower high (red line) or a higher high (blue line) before the bear trend resumes again.
Previous analysis:
I will be using 2 targets here, maybe a third, but that depends on how things move if we move up.
Previous analysis i showed the bigger wedge on the left, where we had a big move up a week ago but that long term resistance pushed the price down a lot again. So my thought now is, we will see a second attempt which can make a lower high (red line) or a higher high (blue line) before the bear trend resumes again.
Previous analysis:
Note
Made a small false break and moved up quite nicely since. That last drop bounced up as well from a new support, which has to be ground zero now for longs. I am moving stops now to entry, which is below that green support. First target almost in reach, where i will take off 30%. Doing it just in case it fails. Potential is still very good, if the daily can close above the first red on the left, would be very good. If it closed above the second, my targets will be around the blue line.
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