There could be a potential SELL forming on this chart. Even though this pair has always a mind of its own and it is really difficult to predict its move, I will risk it and say SELL.
The reason for this is that upwards channel, that is quite interesting to observe, because this pair tends to keep banging inside of it. Now, we are getting slightly overbought. And also, last week we could see good selling-off on the GBPUSD, where EURUSD did sell-off, but not as much. I think that this could be a recovery week for the Pound and weakening of the Euro.
Then again, both of the currencies might see weakness, but I believe that Euro will be weaker.
Possible trade idea:
Entry - between 0.90550 and 0.90650
TP - 0.90 (take off half of the position in profit and let the other one ride till reversal confirmation)
SL - 0.90850
Keep an eye on the price action!
The reason for this is that upwards channel, that is quite interesting to observe, because this pair tends to keep banging inside of it. Now, we are getting slightly overbought. And also, last week we could see good selling-off on the GBPUSD, where EURUSD did sell-off, but not as much. I think that this could be a recovery week for the Pound and weakening of the Euro.
Then again, both of the currencies might see weakness, but I believe that Euro will be weaker.
Possible trade idea:
Entry - between 0.90550 and 0.90650
TP - 0.90 (take off half of the position in profit and let the other one ride till reversal confirmation)
SL - 0.90850
Keep an eye on the price action!
Comment:
Perfect example, when it reaches SL and then goes your direction.