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

EURGBP H1

EG1

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

ABOUT REECE MARINI

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

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