shows a perfect pick up opportunity on the 78.6 Fibonacci level at 8723, the market low on 10th October 2018.
Previous support levels now plot a predictable band of resistance around the 8850/8865 area. However, the market remains firm so far today, retracing it's gains from Friday after a dip around the 8807 area which has held well this morning.
Other EUR studies are also beginning to show double bottoms, which may reinforce the probability that the Euro may come in for some modest recovery over the coming months.
A pullback to the 200 day at 8833 may still be possible today, which could represent a buying opportunity. With an absence of any major GBP data this week, it may be worth observing price's behaviour first if it dips below and trigger a long position on the way back up.
Longs can target 8896 (old support) or 9018 which is a 78.6 retracement of the decline from 90985 to the previously mentioned low of 8723.
There may be some value in holding some of the position a bit longer, even beyond 9018.
Run the balance to 9018, or close around the previous level of resistance on the approach to 0.8900
Good luck if you followed.
The stop, for the remainder of the trade, can now be moved up to 0.8883 which will still be a 50 pip winning trade. I'd continue to run the rest and will update tomorrow.
Hope you all jumped on.
A nice trade, just a bit disappointing that the Euro didn't bring much to the party. Maybe that tells a story going forward.
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