Weekly Market breakdown- EUR/GBP

3 Jun 2019

This is a potential setup that has definitely interested me, this is because the price has overextended as we've seen many consecutive bullish weekly candles, however, the price has approached monthly resistance and key liquidity region meaning there may be some profit-taking by institutions around this region, but to a lot of traders price may be easily displayed as a liquidity pool zone. Therefore, wait upon signs of rejections around this zone that conveys exhaustion in buying power before taking possible shorts. Medium targets maybe 0.8000-0.7000, this is in confluence with the 50% fib retracement zone as our point C area of the pattern.