EURGBP 4hr time frame Short followed by Long

Technicals: Price is currently at point 'C' of a possible Cypher pattern. C almost touched a previous trend line established since October that has been touched three times and closely approached twice. C also almost touched the 0.618 retracement from the downward movement spanning mid-March to late-April. C is also the beginning of the third drive of a three drives pattern. Price movement to 'D' would complete the Cypher and third drive. Price may then turn around and retest the trend line that is in place.

Fundamentals: Low to medium importance economic data to be released over the next few days.

This is a possible short followed by a long trade. Trade at your own risk.

Komen:

It doesn't look like this one is ready to turn around quite yet. The latest 4hr candle just closed above the 0.618 retracement line and the new candle appears to be headed upward as well.

Komen:

Nice turn around. Will have to see how far this falls. I'm currently following the price action a stop loss at the top of significant candles. Might take some profit at 0.8500 or right away if Draghi's speech in three hours improves the Eur's performance. I'm hoping for price to move swiftly to point 'D' at which point I will enter long. Will take a few days to get there if it does.