Mayfair_Ventures

Short - Euro/Pound (EURGBP)

Short
FX:EURGBP   Euro / British Pound
Moving from the UK and now living in France, this is a pair that has some impact on the cost of living. 5 years back when €1 was 75p now up around the 90's. Looking at what is happening in Spain, Germany and of course France right now. It is only a matter of time before the Euro reacts.

Beyond that, looking at the charts - there was some strong resistance near the high of the weekly chart. There are two daily Fibonacci levels just below the price as it currently stands at the time of writing this.

Be great to get ideas, thoughts and comments on this.

Have a good week!
Trade closed manually: nice drop - little pullback expected. So out for now.

Comments

EURGBP is going to 0.9324, then 0.97 then parity.
Any significant resuce package by the UK will see a short-term drip (a few hours), in my opinion anyway.
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@refaey, Out of it now - nice drop. maybe a pullback now but I don't think as high as 92 given the fib levels.
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Mayfair_Ventures Mayfair_Ventures
@refaey if so - maybe like the spike up and short-lived? Euro I think is now getting even worse, Germany put the knife in, the Netherland's want to pay their own way for Covid support. Italy, France and Spain in a predicament.
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refaey Mayfair_Ventures
@Mayfair_Ventures, they're all on their way out of the predicament - UK are in their way in. Also, EURGBP went all the way up to 0.95 - did you go without a stop-loss?
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@refaey, Agree with the predicament - but it has exposed a few flaws in the European Union, https://www.nytimes.com/reuters/2020/04/09/world/europe/09reuters-health-coronavirus-eu-netherlands.html - https://www.dw.com/en/germany-rules-out-eu-wide-coronavirus-travel-curbs/a-52661149. I think once it hits the next zone marked around 8930 - if the setup permits, I will go back to it short. We managed to catch the spike up for the trade - the short position was triggered around 9380 ;-)

I think overall - it will go to 86 and below, we could see a drop lower than before where it sat for a very long time.

But the joys of trading is like looking at a piece of art - we all see different things in the same piece.

Good luck & enjoy the rest of the easter break.
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refaey Mayfair_Ventures
@Mayfair_Ventures, Thanks you - same to you.
Just be careful of the double-bottom is just made around the 0.874 support. This is also the 0.618 fib retracement from above.
If it goes below 0.87241 (this week's low), I will increase my short position.
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@refaey, appreciate it - it's nice to have a good discussion on the topic. I never used to post. I think twice back in 2015 - then not again until recently. Especially during lockdown. When I first moved to France the price was around 69-70 - good times - but for two years or so after Brexit it ranged around the 80's mark - I think long term it will go back there. Brexit all ready had a lot of the shit baked in. I don't know if it will get back down to 69 level again (although I would like it to)
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highly likely to dump here EU to close it borders at midday and UK chancellor to announce significant resuce package for businesses pushing GBP up so lets see how this plays out
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Mayfair_Ventures UnknownUnicorn4271694
@UnknownUnicorn4271694, closed trade now. nice drop
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