I keep wondering if we're still going to see close below that trend line.
It has been flirting with that line for quite a while. It already seemed that last week will be the week when the break is going to happen. And then all the SELLers tight stops were taken out by that sharp move higher.
Now it's getting closer to the trend again.
I would say, consider entering a SELL only if the Daily closes below that trend line. Once you're in, keep monitoring it and hope that the Weekly closes below that trend line as well. If all that happens, then we are in a good potential slide down on this pair.
This scenario would be in line with the potential Head-and-Shoulders on the EURUSD, that it DOESN'T want to form. Probably, because everyone around is talking about it. That's why I am not jumping into a SELL on the EURGBP yet, as I am always open for surprises.
Be careful and keep an eye on the price action!
It has been flirting with that line for quite a while. It already seemed that last week will be the week when the break is going to happen. And then all the SELLers tight stops were taken out by that sharp move higher.
Now it's getting closer to the trend again.
I would say, consider entering a SELL only if the Daily closes below that trend line. Once you're in, keep monitoring it and hope that the Weekly closes below that trend line as well. If all that happens, then we are in a good potential slide down on this pair.
This scenario would be in line with the potential Head-and-Shoulders on the EURUSD, that it DOESN'T want to form. Probably, because everyone around is talking about it. That's why I am not jumping into a SELL on the EURGBP yet, as I am always open for surprises.
Be careful and keep an eye on the price action!