EURGBP: Short term top confirmed

FX:EURGBP   Euro / Britisches Pfund
One of the pairs i am looking to short next week. EURGBP Completed a short to medium term top in my view.
The price has hit long term resistance at 0.9225 and penetrated but failed to hold above to retreat and close the week below it.
On the four-hour, the selloff has broken below the rising trend line shown on chart and completed a head and shoulders top.

(This view is valid, unless some unexpected news come out during the weekend)

Trade with care
This trade is wonderful. I love everything about it. You've been on it since day one. Good work!
This looks promissing, keen to see a trade. Great job technician!
Nice work!
Don't count out the Euro too easily as latest moves are mainly due to news blubber based on unconfirmed "sources" (and what do we know about the motives behind them?) while the real thing (Nowotny) actually was out to play it down and Constancio also didn't mentioning anything about "Euro strength" in his Friday speech. Draghi himself said on latest ECB presser that they don't comment on market movements. Sure can be just an "official" stance but I am more inclined to believe these "sources close to..." are greedy aides feeding all too hungry journos well aware of the math to apply.

Having said that, true, I agree that technically we have broken down below the small (it should be noted that it's a small) H&S neckline, but I wouldn't go as far as say it's confirmed, at least not until the 2016-10-11 high at .9142 decisively is taken out. Also, from an Elliot Wave perspective, I can see 5 waves down (possibly with the 5th not fully completed) and would expect at least a 3 waves rally up from here testing the neckline. Other info that as well supports this is that we have Tuesday an EURGBP 0.9200 option expire of 1.3 billion and that's huge for this pair, as well as an EURUSD 1.2000 option expire of 1.5 billion.

Just things to take into consideration before jumping in short on this pair too early. We may eventually correct down to the .87 area but not certain we are there yet. It may turn here, or if the neckline test is successful we may see .9070, before we will have a new high.
@schakim, Draghi is planning to talk down the euro
schakim eazywayout
@eazywayout, on Thursday yes, maybe, but I'm not so sure as it appears lately he mostly has talked it up, now whether that was his intention or not. If not first blown away by Kim Jong Un...
agree with u, on hold 60 pips now :)
Thx mate
I also took note of this thank you. Was curiius if the trend had expired
Thank you. Are you going to give an exact trading signal next week or just on an individual decision?
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