EURGBP: Pullback Right into the Trend
Hey guys! After EURGBP broke through last week or so with an absolutely beautiful Complex Head and Shoulder's Pattern, I spotted that the profit target for the H&S Pattern would actually pierce through the 0.74850 Major Resistance Level! (Pink line).
Weekly also show a sharp downtrend, with the H&S Pattern head directly touching the 61.8 Fib level
What influenced my decision:
-General trend for Weekly is very bearish
-Prices just retraced and reversed to the 61.8 Fib Level on Weekly
-Profit target for H&S Pattern shows it would pierce through
Hmm, for now, I'm staying bearish! If so, I'll probably wait for a retracement back to the level before selling!
Maybe someone can shed some light on whether 0.74850 would hold? :)
Complex Head and Shoulder's Pattern:
thepatternsite.com/chst.html
Good luck guys! May the pips be with you!
Weekly also show a sharp downtrend, with the H&S Pattern head directly touching the 61.8 Fib level
What influenced my decision:
-General trend for Weekly is very bearish
-Prices just retraced and reversed to the 61.8 Fib Level on Weekly
-Profit target for H&S Pattern shows it would pierce through
Hmm, for now, I'm staying bearish! If so, I'll probably wait for a retracement back to the level before selling!
Maybe someone can shed some light on whether 0.74850 would hold? :)
Complex Head and Shoulder's Pattern:
thepatternsite.com/chst.html
Good luck guys! May the pips be with you!
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