EUR/GBP Trade AnalysisHello guys!
Hope you are well.
I spend a few hours to get a better picture of possible movement coming this week.
First of all, we are in selling pressure (correction) already 9 days and around 600 pips.
Probably this or next week we will complete correction and probably we will have another impulse UP.
We have to keep that in mind to avoid bad trades and mistakes.
My current situation is 2 open SHORT trades with around 150 pips profit.
I'm preparing myself for 3 possible movements in the coming few days:
1. (Red) Price reacted to 0,89 level and this is completely fine, I was expecting to see such a movement. This level is in the middle between two strong levels 0,90 and 0,88. I think we will see now a small correction and the price will continue to drop.
2. (Green) We can see a bigger correction from 0,89 level up to 0,90 for retest that level. That's why I moved my second position SL to BE, to avoid negative positions. My first position will stay the same, looks like if this movement will happen I will be in a safe area. After all, if the price will reach 0,90 level I will change my TP to 0,89 area to avoid a double bottom pattern.
3. (Yellow) This movement has less probability to happen, but if it will the price has to brake 0,90 strong level and I want to see how it will brake. So basically everything depends on momentum. If it happens I want to see how it will happen. There is a chance that buyers coming.
Let's see what this week can give us!
If you have any questions don't hesitate to contact me. ;)
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