EURGBP June 8 2020
Possible bullish patterns are visible on the EURGBP 4 hour time frame. The dark blue bullish reciprocal AB=CD pattern still needs to make a push lower to complete point D at the BC 0.50% Fib. retracement buy level and the light blue bullish AB=CD pattern also still needs to make a push lower and tag either the BC 1.27% Fib.level or the AB=CD equal leg buy levels. If price extends higher above the point C’s of either patterns before reaching the BC 0.50% Fib. level then these bullish pattern buy entries are invalidated and BUY setup is cancelled. Bullish impulsive Elliott Wave count is also visible and traders should watch for the possible wave (2) black to terminate in the green box possible reversal zone. Conservative traders will look to BUY on the break above wave (1). If looking to trade EURGBP traders should be patient and wait for price to make a move lower below the minimum BC 0.50% Fib. retracement level and watch for trend reversal signals in the green box zone.
EURGBP 4 Hour Chart 6.8.2020
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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