EURGBP trade ideas
Good Buy in EUR/GBP this currency pair has been in a good upside pattern, and currently forming a ascending triangle with in a symmetrical triangle.
at good levels to go long in between .90100-.90200 with a sl below .89700 for good upside.
eurgbp selleurgbp is currently respecting the down trend line, perfect time to put a sell entry now for a total of 100+ pips all the way down to support line
EURGBP buyEUR GBP has been trading in a decreasing channel post a good 400 pips up move in September. recently it tested and bounced from the lows of June and September, after a pin bar candle on daily time frame, the pair has given a good positive closing next day, post that the pair is consolidating in bullish pole and flag and took support of .618 fibbo level and given a positive breakout and moved back to the descending channel.
expecting a good breakout from the channel this time.
it will be a good risk to reward ration with possible upside of .90150 .90880 .914
and SL of .885
💡 Don't miss the great buy opportunity in EURGBPTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (0.8918). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURGBP is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 75.
Take Profits:
TP1= @ 0.9000
TP2= @ 0.9057
TP3= @ 0.9105
TP4= @ 0.9160
TP5= @ 0.9290
SL= Break below S2
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Forecasting a Future of EUR/GBP with the bearish EWTEUR/GBP made here a bearish Elliott wave. I have applied the moving average also to forecast the trend. In the fifth wave, there is a symmetrical triangle . After the ABC correction, there is a hurdle at 0.8930 . Right now, the trend is moving under the hurdle . It is a bearish Elliott wave pattern. Therefore, it will fall more up to the target of 0.8816 .
But there is a possibility of the double bottom pattern the trend can rise, and it can break a hurdle . If the trend crosses the hurdle, it will hit 0.8960 .
