EURGBP - Likely down from here
EURGBP has completed an Expanding Ending Diagonal.
This signals the end of the corrective wave ABC that started from 11 Dec 2023.
The next move will typically retrace the entire move and beyond, but this can be a slow pair at times, so I am setting modest target only.
Even if you are not trading it, one takeaway is that any shorts you are calling for EUR or GBP, EUR will be the weaker one. And any longs that you are taking, take GBP over EUR.
This signals the end of the corrective wave ABC that started from 11 Dec 2023.
The next move will typically retrace the entire move and beyond, but this can be a slow pair at times, so I am setting modest target only.
Even if you are not trading it, one takeaway is that any shorts you are calling for EUR or GBP, EUR will be the weaker one. And any longs that you are taking, take GBP over EUR.
Note
Closing this. I think there is more downside to go, but as mentioned, I am aiming for modest target only. Enough for now.Trade closed manually
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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.