BluetonaFX - EURGBP Ascending Triangle LONG Idea
Hi Traders!
There is an ascending triangle formation on EURGBP, and there is a possibility of a breakout to the upside.
Price Action 📊
The market is in an ascending price channel with higher highs and higher lows since breaking above the 20 EMA, creating an ascending triangle pattern on the chart.
We are looking for a resistance break and a close above the 0.87014 level.
Fundamental Analysis 📰
The market's outlook on GBP is currently negative due to weak economic data recently released. The outlook on the GBP looks very negative at the moment, and the demand for the currency is very low, whereas the market's outlook on the EUR has been recently positive, with the ECB recently raising interest rates by 25 basis points to 4.00%.
Support 📉
0.86604: PREVIOUS DAY'S LOW
Resistance 📈
0.87014: TWO-MONTH HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
There is an ascending triangle formation on EURGBP, and there is a possibility of a breakout to the upside.
Price Action 📊
The market is in an ascending price channel with higher highs and higher lows since breaking above the 20 EMA, creating an ascending triangle pattern on the chart.
We are looking for a resistance break and a close above the 0.87014 level.
Fundamental Analysis 📰
The market's outlook on GBP is currently negative due to weak economic data recently released. The outlook on the GBP looks very negative at the moment, and the demand for the currency is very low, whereas the market's outlook on the EUR has been recently positive, with the ECB recently raising interest rates by 25 basis points to 4.00%.
Support 📉
0.86604: PREVIOUS DAY'S LOW
Resistance 📈
0.87014: TWO-MONTH HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
Comment:
Looking for a momentum break and close above 0.87014 that is the important level.