Hi Traders,
The EURGBP reversed from a resistance level and broke below a key support level with an impulsive move labeled wave A "blue."
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The price has completed a bearish ABC zigzag corrective pattern which retested the broken support that lined up with 38.2 - 50.0 Fib ratio and moving averages, labeled wave B "blue."
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Considering that price has broken out of the blue CTL, and Friday's candle closed as a bearish engulfing bar at our area of interest, this setup has met our criteria for short order.
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The price has the potential to move downward toward the 61.8 and 1.0 Fib Extension to complete the wave C of (Y) as planned on the chart.
.
I wish you all a fantastic start to the week.
.
Veejahbee.
The EURGBP reversed from a resistance level and broke below a key support level with an impulsive move labeled wave A "blue."
.
The price has completed a bearish ABC zigzag corrective pattern which retested the broken support that lined up with 38.2 - 50.0 Fib ratio and moving averages, labeled wave B "blue."
.
Considering that price has broken out of the blue CTL, and Friday's candle closed as a bearish engulfing bar at our area of interest, this setup has met our criteria for short order.
.
The price has the potential to move downward toward the 61.8 and 1.0 Fib Extension to complete the wave C of (Y) as planned on the chart.
.
I wish you all a fantastic start to the week.
.
Veejahbee.
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Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.