EURGBP-D1-Potential bullish shark at key area

The EUR is still weak and not ready for a rally against other pairs. We could expect a slow further decline, if this happens this pair could give us a good setup for a long entry at a key level.

At W1 chart we have:
- potential inverse head and shoulders pattern
- first convergence (higher high) confirmed by oscillator
- strond psycho number 0.7000

Here on D1 chart:

- Previous ending diagonal suggest this pair already bottomed
- Perfect bullish shark
- EW wave B (see below)

I will place buy limit orders near 0.7000.
SL and targets shown on chart.

Best regards.

*****************DISCLAMER********************************************************************
Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
Follow me on Twitter for updates: @fxtrader2000

Kommentera:

First target hit, moving sl to be

Kommentera:

second target hit