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EURGBP Potential Bullish Cypher and Long Opportunity Update: Targets Reached 100 Pips

EURGBP Potential Bullish Cypher and Long Opportunity

EURGBP rejected the tops at 0.91000 and headed south. 0.89200 support has been tested. The ascending trendline on the smaller chart timeframe has been broken. It is likely to retest the broken trendline. We will look for a short opportunity at the potential retest of the broken trendline. Our short setup is as follows:

Time Frame: H4

Trade Period: Intraday /Midterm

Estimated completion time: 4-10 H4 Candle Sticks

The trend in the Timeframe: Neutral

The trend in the Daily Chart: Bullish

Trade Based On Trendline Breakout and Retest

The accuracy of the pattern: 96 %

Recommended Lot Size: 0.10 at 10K

Trade: Short

The Area Of The Entry: 0.89560 – 0.89700

Stop Loss: 0.89900

Target 1: 0.89150 / REACHED

Target 2: 0.88800 / REACHED  70 PIPS

If our trade works as we predict, we will look for a long opportunity based on Bullish Cypher Harmonic pattern as follows:

Time Frame: H4

Trade Period: Intraday /Midterm

Estimated completion time: 4-7 H4 Candle Sticks

The trend in the Timeframe: Bearish

The trend in the Daily Chart: Neutral

Trade Based On Bullish Cypher Pattern

The accuracy of the pattern: 83 %

Recommended Lot Size: 0.10 at 10K

Trade: Long

The Area Of The Entry: 0.88700 -0.88600

Stop Loss: 0.88500

Target 1: 0.88960 / REACHED

Target 2: 0.89100 / REACHED 30 PIPS TRADE CLOSED

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

EURGBP:Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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