EUR/GBP: euro is working with a dragon

EUR/GBP: euro is working with a dragon

Recommendation:

BUY 0.896

SL 0.8905

TP1 0.9085 TP2 0.9145

On the daily chart, EUR/GBP recoil from the upper border of the downtrend allowed bulls to counterattack and form the reversal patter 5-0. Its 88.6% target is reached, and the level of 113% is near. The euro will likely continue its way up towards 161.8% target of AB=CD.

EURGBP1.png 

On H1, EUR/GBP formed a “Dragon” pattern. Pullbacks towards 0.8982-0.8985 and 0.8958-0.8965 will signify formation of the dragon’s head and will be a signal for buying.

EURGBP2.png

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