EURGBP - Possible head and shoulders forming?
Trade Idea
Price action looks to be forming a top.
In line with the possible early stages of a head & shoulders pattern and the strong rejection of gains, we look to set shorts in anticipation of a swing lower.
We have a 50% Fibonacci pullback level of 0.9207 from 0.9090 to 0.9324.
There is scope for mild buying at the open but gains should be limited.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 0.9205, resulting in improved risk/reward.
We look to Sell at 0.9205
Stop: 0.9235
Target 1: 0.9100
Target 2: 0.9050
Price action looks to be forming a top.
In line with the possible early stages of a head & shoulders pattern and the strong rejection of gains, we look to set shorts in anticipation of a swing lower.
We have a 50% Fibonacci pullback level of 0.9207 from 0.9090 to 0.9324.
There is scope for mild buying at the open but gains should be limited.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 0.9205, resulting in improved risk/reward.
We look to Sell at 0.9205
Stop: 0.9235
Target 1: 0.9100
Target 2: 0.9050
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