EUR/GBP Quick Analysis
This pair has formed a "Falling Wedge" Pattern. The retracement move has been continued for about 3 weeks now. Now, Buyers should be preparing to take control again.
We have a Fresh Demand Zone at the 0.9000 area which should contain some Unfilled Buy Orders.
The Market created a Fakeout pattern to trap Buyers at the FakeOut Zone line. The fake support at S1 and S2. All Supply and Demand Traders know that every Gap must be filled. Now if you look at the Chart, you can see that the Price has now gone to fill the Void.
We have a Very Strong Confluence of Support at the 0.9015 - 0.9040 Area (Five Types of Support)
Strong Horizontal Support
Trendline Support (Bottom of the Falling Wedge)
38.2% Fibonacci Support Level (On the Daily Chart)
Pivot Point Support 2 (S2)
61.8% Fibonacci Support Level (H4 Chart) at 0.9030
The Trading Environment is a Trending Market.
We also have an Harmonic Pattern that has been formed on this H4 Chart. The Harmonic Pattern formed is the Bearish Crab. This Pattern is also telling us to buy at 0.9033. More Confirmation!!
Five Types of Support and an Harmonic Pattern!!
We have a High Probability Setup for a nice Buy Trade!!
As usual we enter with a tight stop loss to reduce our risk, in case the market reverses and changes direction. Don't forget to use good risk management too. Cheers!!
We have a Fresh Demand Zone at the 0.9000 area which should contain some Unfilled Buy Orders.
The Market created a Fakeout pattern to trap Buyers at the FakeOut Zone line. The fake support at S1 and S2. All Supply and Demand Traders know that every Gap must be filled. Now if you look at the Chart, you can see that the Price has now gone to fill the Void.
We have a Very Strong Confluence of Support at the 0.9015 - 0.9040 Area (Five Types of Support)
Strong Horizontal Support
Trendline Support (Bottom of the Falling Wedge)
38.2% Fibonacci Support Level (On the Daily Chart)
Pivot Point Support 2 (S2)
61.8% Fibonacci Support Level (H4 Chart) at 0.9030
The Trading Environment is a Trending Market.
We also have an Harmonic Pattern that has been formed on this H4 Chart. The Harmonic Pattern formed is the Bearish Crab. This Pattern is also telling us to buy at 0.9033. More Confirmation!!
Five Types of Support and an Harmonic Pattern!!
We have a High Probability Setup for a nice Buy Trade!!
As usual we enter with a tight stop loss to reduce our risk, in case the market reverses and changes direction. Don't forget to use good risk management too. Cheers!!
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