EURGBP: Bears continue to add to short positions by Reece Marini



After taking out the 1:1 (Blue) and 38.2 fib at 0.72430 the market found support 20 pips lower on an AB=CD (White), however this AB=CD support has not deterred the bears with solid selling interest seen on the 1:1 (Purple) and 61.8 fib at 0.72960.

The best play at this point in my opinion is to stay on the sidelines until the market either has a solid close below the AB=CD (White), if this occurs I will be looking to sell intraday rallies or a close above the 1:1 (Purple), in this case I will be looking to buy dips and targeting decent stops above 0.73900.

* A 1:1 refers to a current correction being equal in length to a prior correction


Reece Marini is an FX trader and Director of the an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

The post EURGBP: Bears continue to add to short positions appeared first on

Leave a Reply

Your email address will not be published. Required fields are marked *