Head and Shoulder pattern forming on EURGBP

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Nice head and shoulder pattern forming on the daily chart – been watching it since yesterday. Looking ahead to the the Draghi speech later today – could we see some Euro weakness that could drive this pair down?

EURGBP Daily

Right shoulder at MM3 having come off MS1.

EURGBP H4

Yesterday price fell at WR1 and is now in a range between MM3 and WM3

EURGBP H1

I'll wait for a break of WM3 and then look at selling the pull back

EURUSD H4

Taking a look at EURUSD currently at MM3 and WR1 - failing to have made a higher high since dropping from the no fly zone.

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I base my bias on central banking policy, risk sentiment and financial flows at key times of the year.I use securities as a leading indicator for forex with a focus on the strength and weakness of funding currencies. Always on the quest for yield.Analyst at Forex.Today's South African office. Chief Currency Coach at MetaTraders.com. Creator of the Hands Full of Rands social platforms.

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