US500: A further correction towards 5192 before resuming purchases.
Bearish Scenario: Sales below 5220... Bullish Scenario: Buys above 5225 (if price fails to break below decisively) ...
How much will EUR/GBP fall?
2019-11-11 • Updated
Recommendation:
SELL 0.8945
SL 0.9
TP1 0.8845 TP2 0.8785 TP3 0.8745
On the daily chart of EUR/GBP, the price returned to the long-term trading range between 0.87 and 0.902. The inability of bulls to hold the price above the resistance level at 0.902 shows their weakness and increases the risks of appearing “Shakeout-Fakeout” pattern. The pair should return to the middle of the consolidation range to make this scenario possible. The break of its lower limit will lead the price downwards the target at 161.8% on AB=CD.
On the H1 chart, if EUR/GBP returns towards 38.2% and 50% from the AD wave of the pattern “Batterfly”, open short positions.
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