Eurgbpsignal
Sell EURGBP Based on Bearish Trend Channel + Bearish GartleyThis research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
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EURGBP H4 Potential SetupThis morning we saw a close of a Bullish Engulfing which was followed by a slight rejection just above the monthly resistance level of 0.89430 . The EUR has continued this fall this evening however it being a Friday can produce unpredictable signals, we may see that the Bullish Engulfing does prove to be a turning point of the short downtrend this afternoon and see it climb to the upside of around 0.8990 mark. Here it would meet the daily falling trendline which is where I will be watching, will it reject or break through? I will need this confirmation either way before I jump in as the trendline is not as strong as I would like to see.
Monday we have a speech from Draghi so we could see some early week movement on this pair, depending on dovish or hawkish it may take this to the D1 trendline but we shall see.... GBP news is pretty quite until Thursday so I will be looking at making a decision early part of the week on where this pair is going to head, then getting out to re-assess before a very busy economics day for both currencies on Thursday. We have the RSI at a nice level but the Stoch at a turning point, so will be patient with this and see where it begins to head.
Appreciate everyone's feedback and thoughts so don't be shy, I need to be told right or wrong either way!
EURGBP Test of Fib LevelKeep an eye on the EURGBP daily chart as there was an important rejection from the 50% fib level that suggests more downside if the market can hold below that level. This presents the possibility of breaking below the previous low at 0.8738 and then moving much lower from there.
EURGBP - opportunity to catch the ride short - low riski can draw lines to an analysis i made last week about this pair which played out very well. this could be another chance to get an oppertunity to ride the wave with low risk
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 0,8960 with targets at 0,8900 & 0,8865 in extension.
Alternative scenario: in excess of 0.8960, aim for a continuation of the increase with 0.8995 & 0.9035 in line of sight.
Comment: The RSI is misdirected.
EURGBPOur preference: sales position below 0,8995 with targets at 0,8900 & 0,8865 in extension.
Alternative scenario: in excess of 0.8995, aim for a continuation of the rise with 0.9035 & 0.9080 in line of sight.
Comment: The RSI is misdirected.
EURGBPOur preference: position bought above 0.8815 with targets at 0.8875 & 0.8900 in extension.
Alternative scenario: in break of 0.8815, a continuation of the decrease will be envisageable with 0.8780 & 0.8760 in line of sight.
Comment: The RSI is losing its bearish momentum.
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
EUR/GBP Long SetupSuddenly found this nice long setup. Everything is looking almost perfect. Just a small retracement/pull-back needed. So, wait for the entry, don't rush. Patient will prevent you from getting hurt.
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EURGBPOur preference: sales position below 0.8815 with targets at 0.8715 & 0.8675 in extension.
Alternative scenario: in excess of 0.8815, aim for a continuation of the increase with 0.8835 & 0.8870 in line of sight.
Comment: The RSI is misdirected.
EURGBP Correction Our preference: sales position below 0.8850 with targets at 0.8775 & 0.8745 in extension.
Alternative Scenario: In excess of 0.8850, aim for a continuation of the rise with 0.8870 & 0.8900 in line of sight.
Comment: The RSI is badly oriented
EURGBPOur preference: position bought above 0.8775 with targets at 0.8860 & 0.8900 in extension.
Alternative scenario: in break of 0.8775, a continuation of the decrease will be envisageable with 0.8745 & 0.8715 in line of sight.
Comment: The RSI is well oriented.
Formation of Lower HighRetest of trend line at 0.8718 creating a new lower high then continuation of downtrend.
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.
