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forexwithfred

EUR/GBP - Head & Shoulder Pattern Complete!

Short
Euro / British Pound (FX:EURGBP)  
forexwithfred  
FX:EURGBP   Euro / British Pound
Trend Analysis Head and Shoulders Wave Analysis EURGBP eurgbpidea eurgbpshort eurgbplong EURUSD GBPUSD shortsetup
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trendanalysis headandshoulders waveanalysis eurgbp eurgbpidea eurgbpshort eurgbplong eurusd gbpusd shortsetup
Hello Traders!,
We're at the beginning of our trading week and today I've realised a head and shoulder pattern I've been eyeing is finally complete and is almost time for an execution!
What Is The Market Telling Us?
  • Price has been in uptrend and was halted once it reached resistance of @0.91505
  • Head and shoulder pattern complete once price has shown a bearish closure upon the break and retest of neckline
  • MAs show market sentiment is bearish as 50SMA is above 14EMA and a bearish crossover before
When Should We Enter?
  • As we are on a 4H timeframe we can look to enter once our neckline has been respected as a resistance level
  • Execute on 1H timeframe after a clear bearish closure below our neckline, this closure confirms neckline being respected
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