Hey guys, on EURGBP we are testing a daily structure level that could turn out to be the right shoulder of a bigger head&shoulder (on the daily). So we know we want to look for shorting opportunities. In the 4HR chart we can see price's created a double top with a nice RSI divergence. The confirmation sell signal comes from the engulfing candle just formed. In order to have a 1:1 RR at the retest of the lows i'm waiting for a small pullback into 0,8730 level. Let's see if price triggers it.
If you have any question or remark, please comment below. Otherwise, see you in the next chart!
@Roker1 look at this excellent H&S formation on the weekly. Although it is not completed (yet) and I have not identified (yet) any clear indication of the price movement at this timeframe (Weekly). Certainly it is an idea to monitor.
Great spotting as always.
Roker1
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Hey @Telson , i was watching it on the daily and there's also a nice long-wick to the top candle as you can see.
Great spotting as always.