IT APPEARS WE'RE GOING SHORT! | EURGBP (DAILY CHART)

Euro Fx/British Pound FX:EURGBP

darcsherry

Tendency: Downtrend ( Bearish )
Structure: Harmonic Pattern is suspected
Observation: i. Impulse A to B breaks support @ 0.90000 ( a psychological level).
ii. Support broken @ 0.90000 becomes resistance for completion of correction move from B.
iii . Rejection move from the 0.90000 zone with 2 engulfing candle signals a trend continuation to the downside.
iv. Fib Retracement from the swing high (A) to swing low (B) projects a 1.272 at the 0.83000 zone.
v. Suspecting a correction move from present zone @ 0.87000 into 0.88500 zone before rally continues.
vi . Price below Moving Average
Trading Plan: BUY now or at 0.885000 zone with a potential TP1 and TP2 @ 0.85000/0.83000 respectively (510pips) and SL @ 0.89700/0.90000 zone.
Risk/Reward: 1/3.5
Potential Duration: 8 to 15 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

NB: This is a follow up on long term speculation published earlier (see link below for reference purposes)

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