This is an update to the EURGBP Head and Shoulders setup that I had pointed out in the previous Weekly Forex Watch list post.The chart below is what i had posted in my last post. I was looking for price action to break above the neck line of the Head and Shoulders pattern and
EURGBP - LONGOn this weeks watch list lets take a look at how we can take advantage of the this Head and Shoulders pattern thats forming on EURGBPDaily and weekly charts have found support at 0.84 zone.
This areas is also supported by the weekly 50 ema and Daily 50 and 200 emas.
On the top
EURGBP Short .Price has printed a BEARISH engulfing candle at a very key level. As you can see the market has printed a uptrend line over the last 8 - 10 days. However the lack of large solid BULLISH candles shows weakering BULLISH power.Following the minor Green bars over the last 8 - 10
I'm short EURGBP. Following the run up since late June price has pulled back and closed below a key zone. What intrigued me the most was the fact that price got rejected to the down side around 0.84000 zone.Price came back up to that zone(0.8400) twice and was rejected by the bears.I decided to