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Eurgbptrend

Euro-Pound's descending triangleFor the past several days, the EURGBP pair has been trading on a descending triangle. As what the formation suggests, a downside is imminent from this day forward despite the spike up. I actually had a long setup at 0.86020 wherein an inside bar pleasantly formed just about the 200sma along with a huge bullish pin bar as the mother bar. I've drawn a second descending trend line just above the hypotenuse to prevent trading a false breakout as seen just right above the right angle. Shorting at this level may be ideal; good risk-reward ratio. However, risk may heighten as Draghi is scheduled to give a speech hour(s) from now.
by bearvsbullmarket
EUR GBP: a short term upward movement yet possibleI believe that trading success relies heavily upon identifying consolidation zones. Consolidation zones provide us the right direction of the market. A consolidation happens when a market move sharply upside or downside. Later, a trader can use these consolidation zones to identify patterns, whether it be continuation or reversal. It requires attention and care. Rather than turning out to be a factory of producing signals, it is better to sit down and look for a setup. Setups are important because we are planning a trade and execute them on time. If you fail to plan a setup, then you are planning to fail. Another advantage of trade setup is that we know where to get out and the right time to go in. Know the market. Study the price movements and make your your trades. My charts use price movements, patterns, structures and indicators such as moving averages and oscillators. Trading intelligence is combining multiple knowledge to produce a favourable trade setups and plans.
Education
by Dinkan
EURGBP right shoulder formingGuys..... For those who are trading sterling exposure, here is one to be looking at. Technically speaking, EUR/GBP began rolling over from a lower high starting in February. This may be the right shoulder of a head and shoulders top. Strong support at .83300 from the neckline, trend line and 50d moving average must be broken to confirm the top. We heard words out of Forbes yesterday implying the UK will be needing a rate hike in the coming months, this will be indicative for the waterfall event. She also believes that inflation is picking up faster than forecast. Our models suggest that Q1 2017 was a turning point for GBP pairs, this is going to be confirmed b a break below support suggesting EUR/GBP will fall to .7500.
Short
by TheBanker
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