Eurbgp
EU Potential Long Position Price is moving within an ascending channel which is showing strong rejection of the support and resistance of the channel, alongside two key areas of resistance illusrated by the purple areas of the chart. After a spike in price on the 10th of September, illusrated by the 20EMA crossing the 200EMA in an upwards momentum. Since this price movement, price has been fluctuating in a narrow range of two key resistance levels. It is likely that after this consolidation price will come down to test the lower level of resistance before making a strong bullish movement (illusrated by the red arrows) or price may become bullish and retest the above resistance level before making new HH's. Patience will be key to profiting from one of these two potential set ups.
EURGBP SHORT POSITIONPrice already break support trendline . and price will pullback to trendline and will entry at supply zone to follow downtrend market .
Critical balance. Go short on long on break out points.EURGBP has just been rejected emphatically on the 0.90324 Resistance and the 1D Channel Up (RSI = 51.984, Highs/Lows = 0.0000) has been put on hold. However it did find support and made a Higher Low near 0.8900, which keeps the Channel valid for another attempt at 0.90324. If it breaks then the 12-month long consolidation on 1W breaks and we will go long (TP = 0.9100). If not then we will go short on the other break - out points (see chart) with TP = 0.8800.
Possible correction of the Elliot wave theory?What do you guys expect on this? Do you see correction cycle and then sell again?
EURGBP BULLISH PENNANT ON H1EURGBP has developed a bullish pennant on H1 that usually breaks on the upside but a downside breakout is an option if it breaks the big trendline and triangle.
