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EUR/GBP – Down trend is 4 hours chart

Friday, February 17, 2017 2:35
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Trend is bearish in four hours chart. Important resistance is present at 0.8643 price level. Price is most likely going to move sideways to complete Bullish Corrective Wave iv. Wave iv is most likely going to be an Expanded Flat or Triangle. In both cases, I expect price to drop lower.

A good idea is to look for a possible sell trading chance at the termination point of Wave iv to ride and trade Bearish wave v leg. However; if price breaks above 0.8643 vital resistance level then down trend is going to end. In such a market scenario, it would be best not to trade the market and re-analyze the EUR/GBP 4 hours time frame.



Source: http://fxinstructor.com/blog/eurgbp-down-trend-is-4-hours-chart

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