EUR/GBP: SHORT- Trendline breakout + expected retest after H + S
** UPDATE on original idea published June 25th
TECHNICAL:
1.
- Price broke out of trend-line on 27/06/2018
- Expecting retest of broken trendline since price has currently stalled
2.
- Price may be forming a Beairsh H + S formation with the first shoulder and head having been completed.
- Second shoulder may form within this week and hopefully result in a bearish move back down to retest trend-line
3.
- Bearish RSI Divergence
- Possible H + S neckline is sloping upwards however RSI is showing this as sloping downwards indicating possible bearish bias?
Purely Technical based analysis here, until the second shoulder of the formation forms and the neckline @ ~ 0.8835 is broken I will not take a position short.
-Appreciate any thoughts, comments. Thanks for reading.
James .
TECHNICAL:
1.
- Price broke out of trend-line on 27/06/2018
- Expecting retest of broken trendline since price has currently stalled
2.
- Price may be forming a Beairsh H + S formation with the first shoulder and head having been completed.
- Second shoulder may form within this week and hopefully result in a bearish move back down to retest trend-line
3.
- Bearish RSI Divergence
- Possible H + S neckline is sloping upwards however RSI is showing this as sloping downwards indicating possible bearish bias?
Purely Technical based analysis here, until the second shoulder of the formation forms and the neckline @ ~ 0.8835 is broken I will not take a position short.
-Appreciate any thoughts, comments. Thanks for reading.
James .
- Waiting for rejection off this level