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Another look of $EURGBP, the big picture 17 Oct 2010

by Gav Leave a Comment

Let’s have a look at the weekly chart of $EURGBP. We have a pennant forming, with ABCD and Bullish Butterfly formations within. It is just so beautiful. I see two possibilities here. First, we might start to have correction right now with 88 level as immediate resistance. Second, we might have another leg and approach 89 nice to the top of the pennant. Personally, I prefer the second option. But it doesn’t mean I am jumping in to Long EURGBP now.

I will be watching closely in daily and lower time frames for any possible signs of weakness.

What do you think?

Here is the CHART!

$EURGBP Weekly
$EURGBP weekly

Filed Under: Harmonic setups, Trading Journal Tagged With: ABCD, Bearish Butterfly, Chart of the moment, EURGBP, FX, pennant, Trading Journal

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Comments

  1. Nicola says

    at 12:22 pm

    Once this was a very big weekly pennant. Now it is a giant weekly pennant. I like it 🙂

    Reply

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My Name is Gav.
I am a Father, Husband, Trader, And Blogger. A serious coffee addict. I started training since 2005, mainly on FX and Futures.

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