EURGBP: Pullback Right into the Trend
Hey guys! After EURGBP broke through last week or so with an absolutely beautiful Complex Head and Shoulder's Pattern, I spotted that the profit target for the H&S Pattern would actually pierce through the 0.74850 Major Resistance Level! (Pink line).
Weekly also show a sharp downtrend, with the H&S Pattern head directly touching the 61.8 Fib level
What influenced my decision:
-General trend for Weekly is very bearish
-Prices just retraced and reversed to the 61.8 Fib Level on Weekly
-Profit target for H&S Pattern shows it would pierce through
Hmm, for now, I'm staying bearish! If so, I'll probably wait for a retracement back to the level before selling!
Maybe someone can shed some light on whether 0.74850 would hold? :)
Complex Head and Shoulder's Pattern:
thepatternsite.com/chst.html
Good luck guys! May the pips be with you!
Weekly also show a sharp downtrend, with the H&S Pattern head directly touching the 61.8 Fib level
What influenced my decision:
-General trend for Weekly is very bearish
-Prices just retraced and reversed to the 61.8 Fib Level on Weekly
-Profit target for H&S Pattern shows it would pierce through
Hmm, for now, I'm staying bearish! If so, I'll probably wait for a retracement back to the level before selling!
Maybe someone can shed some light on whether 0.74850 would hold? :)
Complex Head and Shoulder's Pattern:
thepatternsite.com/chst.html
Good luck guys! May the pips be with you!
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.