Possible Bearish Bat Pattern on the EUR/GBP.
A fair amount of prior support and resistance around the 79666 price level. Possibly a retest of this level in the way of bearish bat pattern. if price reaches the 86% fib go short.
Plan:
Short position at 86%Fib
Stop loss above the X
Take first profit at 38% retracement from A to D
Final profit at 61.8% of the A to D retracement
If long price bars pushing through the 61.8% and 76.4% I will not place the trade as it may indicate price to continue through the support/resistance level.
Plan:
Short position at 86%Fib
Stop loss above the X
Take first profit at 38% retracement from A to D
Final profit at 61.8% of the A to D retracement
If long price bars pushing through the 61.8% and 76.4% I will not place the trade as it may indicate price to continue through the support/resistance level.
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