EURGBP daily chart. Huge head and shoulder pattern.
TECHNICAL
Price action from May formed a head and shoulder pattern.
Fibo retracement is draw from 0.775 (important multy-years level) to 0.705-0.70 zone (yearly low)
-Shoulders kissed 0.5 of Fibo level
-Head 0.618 Fibo level
FOUNDAMENTAL
Greek catalyst event (if happens) will be decisive in breaking this level to downside and generate follow- through
TRADING OPERATIVITY
It is not good time to stay positioned in EUR, because volatility and unpredictable events.
Short positions in EURGBP will be very profitable, if 0.7 resistence falls, couse bad news from Greece.
It will generate new yearly low.
Price action from May formed a head and shoulder pattern.
Fibo retracement is draw from 0.775 (important multy-years level) to 0.705-0.70 zone (yearly low)
-Shoulders kissed 0.5 of Fibo level
-Head 0.618 Fibo level
FOUNDAMENTAL
Greek catalyst event (if happens) will be decisive in breaking this level to downside and generate follow- through
TRADING OPERATIVITY
It is not good time to stay positioned in EUR, because volatility and unpredictable events.
Short positions in EURGBP will be very profitable, if 0.7 resistence falls, couse bad news from Greece.
It will generate new yearly low.