Formation of Lower HighRetest of trend line at 0.8718 creating a new lower high then continuation of downtrend.
Eurgbpsell
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.
Possible scenario for EURGBPThis is My current view of this pair, the price is in consolidation, a ABC correction pattern ? EURGBP
Double Top at Structure on EURGBP! May fill the gap?Hey guys,
the gap we were expecting was very big (especially with euro and yen pairs) but remember that gaps tend to be filled afterwards. So, if this alligns with my structure analysis i think the opportunity is good. The yellow box you see above represents a previous level of structure that acted as support and now could turn into resistance.
As we go on lower timeframe such as 1hr price has formed a nice double top with RSI divergence.
I'm waiting to see a pullback in order to get a better risk to reward ratio with the first target at the retest of the lows. Second target could go at the close of the gap, or at structure (0,840).
If you want to share your view, or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Double Top at Structure! May fill the gap?Hey guys,
the gap we were expecting was very big (especially with euro and yen pairs) but remember that gaps tend to be filled afterwards. So, if this alligns with my structure analysis i think the opportunity is good. The yellow box you see above represents a previous level of structure that acted as support and now could turn into resistance.
As we go on lower timeframe such as 1hr price has formed a nice double top with RSI divergence.
I'm waiting to see a pullback in order to get a better risk to reward ratio with the first target at the retest of the lows. Second target could go at the close of the gap, or at structure (0,840).
If you want to share your view, or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
EurGbp Bullish and Bearish setupsEurGbp looks like it will perform a wave up when looking at the current structure and the indicators.
However a break of the lower range will confirm a sell. So basicly EurGbp is showing options for a
bullish or bearish entry. Personally I am with the bulls given the current structure and setup of the indicators. But I will sell if the lower range breaks.
Since it can be traded both ways I give this setup a Neutral.
Also alot will depend on the French elections that are being held this sunday. If the anti-EU "populists" don't win then the Euro will show a nice boost.
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.
EURGBP Short potential - Watching for return of POUND STRENGTH I suspect the POUND is actually stronger than we thought, with BREXIT/Article 50 being long priced in...
the tops/bottom has been priced in and now it's time for the pound to come back...
Post-Brexit Gap needs to closed
EURGBP buyLooking for price to push down a few pips before price push down some pips before finding support at 0,5 fib level that's also at a tough area
EURGBP Sell IdeaI'm looking to sell the up trend line inside the channel. if the breakout occurs near the top - sell with the breakout, if it happens near the middle - sell pullbacks to improve the R:R.
This setup would be invalidated if the price breaks above the channel before we get triggered.
Target 1 -0.866
Target 2 – 0.86
Target 3 – 0.844
Protection above last high to be created before the breakout
EURGBP : Potential Short Is ComingHi Guys.
I see now a potential Short position for this pair as it's now heading to Strong Key Level.
Could be retracement or reversal so watch out the PA after short order is triggered.
I can't see any targets for the short entry right now. After it's trigger than I can see the next move either a short retracement or complete reversal.
I would put the order on the exact RED horizontal line. It could be touch and drop as it shown in previous setup on EJ and EU. We will see..
Good luck for your trade. Don't forget your MM and R/R consideration when open the positions.
Happy Trading
Finding Well Known ResistanceWaiting to see the GBP Construction PMI. If they come out with strong numbers, then this will fall like a brick. EUR is coming out with Core CPI Flash Estimate y/y and CPI Flash Estimate y/y. They do tend to move the market. Keep an eye on this pair after the release. My rule of thumb is, i'm never trading on the wrong side of 10EMA, and never going into a reverse position, if the current daily candle stick hasn't exceeded the previous day.
EUR/GBP 4H Wedge Trade (Feb 27, 2017)The Euro has been losing ground across all of its pairs. With UK yields at a possible area for a buy I'm assuming a short position on the Euro / GBP cross. There are multiple layers of confluence on this trade which stack in my favor of bearishness. Pivot area, .85000 whole level, bearish engulfing bar, fib retracement, etc.
Possible 3R
EURGBPExpecting weaker euro and possible stronger pound. Wedge could be broken up, but it seems unlikely because upcoming referendums later this year. Price could found support from lower trendline and at 0.8300 support level.
