What are the odds that EURGBP will fall from here?Well, the odds are in favour and that's why I'm opening a short here. stop will be 0.872x range.
Eurgbpbearish
EURGBP - Sell to the targetHigh chances for the Price to come to the 0.618 indicated
SELL for the target.
can even go further than that
EURGBP - Simple Money DistributionUndertanding money distribution before sell-offs is crucial to becoming a profitable trader. This pair did a run on stops holding above the 'break & re-test' area before shifting trend, we should start to see strong bearish moves from here.
EURGBP setting up for a rallyHi,
Eurgbp is setting up for a move to the upside, we are going for another drop making a new low, after that we can bounce off changing the trend, watch for a clear bounce off at lower timeframes to get in the setup
Good luck
EURGBPHello everyone, if you like the idea, do not forget to support with a like and follow.
DISCLAIMER
________________
Forex trading and trading in other leveraged products involve a significant level of risk and are not suitable for all investors.
Downside Outlook for EURGBP ?Labeled here are the significant price points.
I'm looking for a retracement to that previous drop-off at 0.86100 and then targeting 0.85000 before bouncing-off for another retracement.
EURGBP Pattern inside a pattern with nice 3 touches , big move is expected 🙌 , also a wick rejection on 4H time frame
EURGBP | Perspective for the new week | Follow-UpWith over 350pips in the kitty, the price continues deep lower in our favour since my last publication on this pair (see link below for reference purposes). As the tendency for price finding lower lows increases, I suspect that the Euro risk a further decline in the coming week(s) on the back of the Pound finding "better days"!
In this regard, a very simple set-up here-in reveals a short-term trading opportunity we can take advantage of.
Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Trendline
Observation: i. Buyers loose the grip of pushing the price higher from Demand level GBP0.87500 mid Feb 2021.
ii. Breakdown of Key level @ GBP0.87500 followed by a rejection of this level last Friday with "shooting stars" pronounces a the strength sellers have at this juncture in the market.
iii. Bearish Trendline: The line drawn over pivot highs (Pivots I, II & III on the chart) reveals the prevailing direction of price action.
iii. I am expecting the recent lower lows to transpose into an ABCD pattern with parameters explained below;
a. Leg A-to-B is expected to be in harmony with the potential C-to-D leg.
b. The B- to-C leg at 61.8% (with a possible 78.6% in the future) Fibonacci retracement of the A-to-B leg.
c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext. of the A-to-B move @ GBP0.84500 area.
iv. In the coming week(s); the GBP0.86750 level will be regarded as a yardstick to maintain my Bearish expectations on this pair.
Trading plan: SELL confirmation with a minimum potential profit of 220 pips.
Risk/Reward : 1:5
Potential Duration: 7 to 12 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
EUR/GBP Multi-Timeframe analysis (Update) 666.2 PIP Move?Hi Traders
EUR/GBP Multi-Timeframe analysis Update
H1 CHART ( Bullish )
Target 2 at 0.86964 has been reached. We closed the remaining 50% of our position and now we are looking for the next opportunity to enter the market.
Support & Resistances
0.86272 0.86485
0.86155 0.86539
0.85957 0.86697
H4 CHART ( BEARISH )
Conflicting technical signals are indicating towards an unstable market, cautioning us to remain neutral and wait for a stronger trend to develop.
Support & Resistances
0.86775 0.86995
0.86402 0.87597
0.85382 0.87903
DAILY CHART ( BEARISH )
Waiting for a retracement higher towards the 0.88602 resistance level in order to reinstate SHORT positions. Next important resistance is the 0.89428 level.
Support & Resistances
0.86396 0.88602
0.84878 0.89428
0.82575 0.90841
WEEKLY CHART ( BEARISH )
Target 1 at 0.86142 has been reached. We closed 50% of our position and have moved the stop loss at the lock-in-profits level at 0.88652 . Provided the market conditions will remain the same Target 2 will be reached soon.
Support & Resistances
0.88602 0.91750
0.86142 0.93235
0.82759 0.94977
EUR/GBP Approaching Resistance On RetraceAs reported in my previous post on this pair this is now coming close to resistance. The blue line indicates the lowest point of the old support which was obviously broken and now should act as resistance. I want to see this reach this price and rebound lower to the next target. Need to wait for the price to show it is reacting to this level before entering a short but if it plays out as I am predicting then SL can be set just above 0.786 Fibonacci and the TP can be set at 0.84157.
Below the TP price is a big support level which the price has been ranging from for the past 4 years. From there price is likely to correct higher and range for a while before there is any chance of a breakout below the support.
EUR/GBP Wait For RetraceLike a lot of pairings at the moment this did not make a retrace and continued straight to the next support/resistance level. This touched the next TP price I had set but without the retrace I could not enter the trade.
Now the plan is to wait for a retrace as this is very overbought. A retrace to around 0.5 Fibonacci would be good but we need to see the rebound before entering. I have set the TP target at 0.83139 which is the next big support level.
EUR/GBP Multi-Timeframe analysisHi Traders
EUR/GBP Multi-Timeframe analysis
H1 CHART ( BEARISH )
A high probability, entry signal to go SHORT was given at 0.86671 after the market found resistance at 0.86779 . Only the upward break of 0.86779 would cancel the bearish scenario.
Support & Resistances
0.86402 0.86793
0.86182 0.86995
0.85809 0.87182
H4 CHART ( BEARISH )
Waiting for a retracement higher towards the 0.86793 resistance level in order to reinstate SHORT positions. Next important resistance is the 0.86995 level.
Support & Resistances
0.86396 0.86793
0.86182 0.86995
0.85809 0.87375
DAILY CHART ( BEARISH )
Waiting for a retracement higher towards the 0.88602 resistance level in order to reinstate SHORT positions. Next important resistance is the 0.89428 level.
Support & Resistances
0.86396 0.88602
0.84878 0.89428
0.82575 0.90841
WEEKLY CHART ( BEARISH )
A very low probability, entry signal to go SHORT was given at 0.88652 after the market completed a bull trap reversal pattern. Only the upward break of 0.92906 would cancel the bearish scenario.
Support & Resistances
0.88602 0.91750
0.86142 0.93235
0.82759 0.94977
EUR/GBP Wait For RetraceThis hit my TP yesterday, I now want to see this retrace so we can enter another short. When viewing on the weekly and daily timeframes you will see this has been on a big drop without a retrace and we are now at a support level. This is why I feel it is a good time to secure profits and wait for a better position to short again that will take us past the support.
I want to see this retrace to at least 0.382 Fibonacci and providing the indicators confirm and price rejects from here we can enter shorts to a target of 0.85959. My ultimate target is 0.83139 which is the bottom of a range this has been in since 2016.
EURGBP ANALYSISEUR/GBP remains within this downwards trend channel, its bearish bias remains in place.
EURGBP, Strong support becomes Strong Resistance, ShortEURGBP, Breakout Strong Support and already retested.. Price Action tells further below!
EUR/GBP Is Breaking through SupportThis is breaking through a big weekly support level. Best time to enter a short is on a retest of the support now acting as resistance. This will give the safest trade setup, for a SL the highest previous point is too high for a good risk/reward ratio so it can be just above 0.618 Fib. TP is at the next support level downwards.
As I said best entry is to wait for a retest and rejection from the new resistance (previous support).
EURGBP ANALYSISEURGBP could extend the rebound to 0.89650 and 0.89900 . blue mark is the entry point.
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Idea is not the financial advice!
EURGBP, Monthly Set up, Short EURGBP, Monthly Set up, Short! Price Rejection at the Strong Resistance Above!
