EUR/GBP - What a great pair to trade!

It broke above it today. I have longs now, I think next target will be around 0.7850. MA89 on the four-hour time frame is at that level.

So we bounced at .7745. Here are a couple of numbers I am watching. .7873 which is a weekly s/r level and and .7883 which is a 38.2% fib retracement. Looking at the April candle, price action suggests a reversal at the .8000 - .8100 area, So I'm looking to sell rallies.

Hi what time frame is this?

Looks like 4 hour to me, and here is another random chart with absolutely no meaning or even a hint of a trading setup

sry it's h4

nice analysis btw looks like mine

this pair is so sick today

I have harmonics on both sides..
descending triangle only valid after break down.

I just bought the pair.
Gambling it will become a bat.

macho style?

stopped out..

I just realized I am long this pair in one account and short in another account. Both the trades could play out and make a profit, believe it or not. Different time frames, you see. Yet somehow experience is telling I doubt that will happen.

my bearish bat got invalidated perhaps this bullish bat something for next week.

I like shorts on this pair right now. I may have been fickle but so has the market. What I have worked out is this:



This bearish, divergent monthly candle is off .8000 and is off a Fibonacci level of retracement of 61.8% of the three year down trend.

Price is now trading below the last 7 day closes. If today closes below .7860 then those days of consolidation will form strong overhead resistance. The consolidation forms a box which gives me defined levels of risk. A break out from such a box is reasonably high probability to go to 3 : 1 using 2/3 of the box as risk.

The other interesting thing about the box is the possibility it forms a right shoulder for the February 2016 highs. A strong close below .7734 would validate this head and shoulders formation. The technical target will be around .7380, but I find the trip down off the right shoulder is always a good place to start. Risk reward around 1 : 9. Not too shabby and definitely worth watching. Chart:



I'm going to risk some of Wiggy's beer fund on this trade. I don't think he'll mind.

Lots of news in an hour or so. Thanks for the chart attillafx.

Hi!

I think pictures here!!!