EUR/GBP: bulls got scared

EUR/GBP: bulls got scared

2019-11-11 • Updated

Recommendation:

SELL 0.9005

SL 0.9060

TP1 0.8945 TP2 0.8900 TP3 0.8850

On the daily chart, the inability of bulls to make EUR/GBP settle above the upper border of the 0.8700-0.9020 consolidation range points at their weakness. If bears manage to return the pair to its middle, a “Shakeout-Fakeout” pattern will be triggered. As a result, the risks of reversal of the current trend will increase.

EURGBP daily.png 

On H1, EUR/GBP reached the targets of “Three Indians” near the convergence level (127.2% target of AB=CD). Bears seized the initiative, so there’s sense to use breaks or pullbacks from resistance levels for selling the pair.  

EURGBP h1.png

Similar

Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

EUR/USD looks ready for more downside

EUR/USD is supported around 1.1750. However, the pair has already fallen below the summer support line. We’ll view buy trades only when the pair returns above 1.1800.

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