EURGBP: Rounded bottomWe have a rounded bottom on chart, visible in the 5 day chart, where we can also appreciate that RgMov is in an uptrend and CCI has given us a hidden bullish divergence signal.
This, paired with the quarterly and weekly downtrend in the gbpusd pair, and the fact that the eurusd is completely overextended, and has almost hit my weekly downtrend target, I expect this pair to start trending up.
The entry is above the previous bar high, after the close, stop under the low.
This pattern was brought to my attention by a dear friend, with whom we often discuss technical analysis: Dusan, known here as look4edge. Check out his ideas, a really smart trader.
Good luck if taking this trade.
For more information and insights into managing this position, scaling in, and understanding the logic behind the technical setups contact me via pm. I'm currently hosting a skype group, where I share trade setups and also provide traders with training, as well as 2 private webinars per week, and also giving tutoring via skype calls, on a one on one basis.
Cheers,
Ivan Labrie
Time at Mode FX
