EUR/GBP 7/8/2020
Mis à jour
Welcome to this analysis on EUR/GBP.
EUR/GBP broke above the key level of resistance at 0.907 on the 26th of June but since then it failed to hold the level as support, It deviated above the level and broke below it. On the 1st and 6th of July, it retested the level and got rejected from it and created a Head and Shoulders reversal below the level. The Head and Shoulders got confirmed by a break and close below the local S/R level of the pattern at 0.9 and now it is retesting the level as resistant again which can be a good entry for a short trade. The target of the Head and Shoulders pattern is around 0.882 as long as it stays below the neckline and the right shoulder of the patter. There are some support zones at 0.892 and 0.887 in above the price target.
This trade idea has 2.5 rewards to risk ratio.
Good luck trading!
EUR/GBP broke above the key level of resistance at 0.907 on the 26th of June but since then it failed to hold the level as support, It deviated above the level and broke below it. On the 1st and 6th of July, it retested the level and got rejected from it and created a Head and Shoulders reversal below the level. The Head and Shoulders got confirmed by a break and close below the local S/R level of the pattern at 0.9 and now it is retesting the level as resistant again which can be a good entry for a short trade. The target of the Head and Shoulders pattern is around 0.882 as long as it stays below the neckline and the right shoulder of the patter. There are some support zones at 0.892 and 0.887 in above the price target.
This trade idea has 2.5 rewards to risk ratio.
Good luck trading!
Note
Note
got rejected from the resistance and made a bear flag that broke down. The target of the bear flag is around 0.8866 which is a bit over the 2nd target.
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Note
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There is bullish divergence on oscillators below 6HR divergence and price is on a 6HR support level.It can mean that price might bounce a bit from there. might be a good idea to change this Level to the first take-profit zone and take some off the trade as long as we are up 1R already.
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Note
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It had a very good bounce almost to the entry zone. This is why I closed half of the position at the lows and warned about it. My goal was to protect part of the profit that was on the table. At the moment it is in a resistant area, the short trade is still active as far as price is trading below the green zone. I might add to the short position if I see weakness at these levels.
Trade fermée manuellement
Result: +0.5R for closing half of the position at 1R and -0.25 r for closing the other half of the position at -0.5R = +0.25R on the trade.Note
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