EUR/GBP - Bearish Bat

١٧ مايو ٢٠١٧

What's up everyone, here we have EUR/GBP with a bearish bat pattern on the 1h chart .

Excellent opportunity with over 1:4 risk to reward.

The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886

The B point formed at a key level in the market, therefore I'm using this as my mid-way target. I will more than likely close my position here and re-enter with 50% of my original position size.

If you take into consideration the 4h chart below this could be an excellent shorting opportunity.



I'm expecting a false breakout followed by a huge move down, all Euro pairs are indicating a Euro weakness right now.

I hope you all have a great week!