EURGBP: Bullish White Swan and Shorter Term Retracement
We have been receiving a lot of requests about EURGBP analysis. We have shared a triangle breakout pattern last week. The trade idea hit the targets as predicted. As seen on the H4 Chart timeframe, pair completed a Bullish White Swan harmonic pattern at D – 0.89380 – and ended the week at 0.89570.
The pair tested the ascending trendline and reacted. We can not talk about a trend reversal as long as the pair holds above the trend line.
However, on th H4 chart, EURGBP broke below the EMA 50. The midterm trend turned to Bearish.
Based on the Bullish White Swan Harmonic pattern, we may see a retracement towards EMA 50 where the price meets Fiboncacci 38.2% retracement of CD leg at 0.89980. But, it needs to break above 0.89720 resistance first.
After this retracement we predict the price continues to its bearish movement. After the possible breakout of the trend line -estimated breakout level 0.89700 – 0.89600 – , the next target will be 0.88600.
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EURUSD Bullish White Swan Harmonic Pattern: 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