EURGBP seens to be in a major consolidation between 0.9150 highs and the 0.8320 lows since July 2016.
Currently, EURGBP looks to be forming two harmonic patterns. A bearish butterfly which has a PRZ between 0.8980 - 0.9050 ( I will like to see a push higher but I will not be surprice that price starts to turn around as we arein potential fib ext zone AB. If price breaks 0.8880, the move to the downside could potentially start.
In the other hand, the second pattern a bearish crab indicates that price could be making a move higher to the PRZ (0.9043 - 0.9100).
These two patterns show that we should see a final push to the upside.
My final PRZ will be the overlap of the two PRZ (0.8980 - 0.9100)
Currently, EURGBP looks to be forming two harmonic patterns. A bearish butterfly which has a PRZ between 0.8980 - 0.9050 ( I will like to see a push higher but I will not be surprice that price starts to turn around as we arein potential fib ext zone AB. If price breaks 0.8880, the move to the downside could potentially start.
In the other hand, the second pattern a bearish crab indicates that price could be making a move higher to the PRZ (0.9043 - 0.9100).
These two patterns show that we should see a final push to the upside.
My final PRZ will be the overlap of the two PRZ (0.8980 - 0.9100)
Trade active
So Far so goodNote
Now that I have a D point, my target is 0.618% retracement of CDNote
price back to the entry point, still holding as nothing has changed
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.