Eurgbpsignal
Patience is virtue with this annoying pairAfter forming a fakey bar on the daily time frame, this Forex pair took me out of my trade just to have another price rejection in which I did re-enter again a long trade. For four trading days, this pair has been going on sideways which was slightly tempting me to close the trade at Breakeven,.. not closing it was a good decision. Plus I also noticed the inside bar formation on weekly time frame.
This pair has been trying hard to push the price higher and higher.
EURGBPOur preference: sales position below 0.8845 with targets at 0.8815 & 0.8800 in extension.
Alternative Scenario: In excess of 0.8845, aim for a continuation of the increase with 0.8860 & 0.8880 in line of sight.
Comment: the support sinking at 0.8845 triggered a bearish acceleration on the support at 0.8800.
EURGBPOur preference: position bought above 0.8830 with targets at 0.8860 & 0.8880 in extension.
Alternative scenario: in break of 0.8830, a continuation of the decrease will be envisageable with 0.8815 & 0.8800 in line of sight.
Comment: A support base of 0.8830 was formed and allowed temporary stabilization
EURGBP FINDING RESISTANCEEURGBP found enough energy to break out of the triangle but it appears as if a 78.6% level may be putting a slight hold on the upward move. The anticipation is that the fib level will hold and that the move out of the triangle is a fakeout. Look for more downside order flow if price moves back into the triangle.
EURGBP : Potential Short Is ComingHi Guys.
I see now a potential Short position for this pair as it's now heading to Strong Key Level.
Could be retracement or reversal so watch out the PA after short order is triggered.
I can't see any targets for the short entry right now. After it's trigger than I can see the next move either a short retracement or complete reversal.
I would put the order on the exact RED horizontal line. It could be touch and drop as it shown in previous setup on EJ and EU. We will see..
Good luck for your trade. Don't forget your MM and R/R consideration when open the positions.
Happy Trading