EUR under more pressure this morning and I'm in SELLING EUR/GBP at .8753. All my charts are flagging this a good thing. I've a STOP at .8805 and a TAKE PROFIT at .8592 which is just above the WS2 pivot.
I hope you are well. Here I have a nice setup on EURGBP. This pair is on a downtrend and we have seen a recent pullback with a bearish engulfing candle which suggest we should see another leg of bearish run. Therefore I have gone short on this and marked tp and sl for you as well.
Let me know your thoughts.
Trade safe and good luck.
. There is a possibility of temporary retracement to suggested support line (0.8441). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. EURGBP is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support....
EURGBP has taken a pounding over the last few months, seeing bears take over the market. They are still in control, even though we are having some short term relief, looking for price to come up to the 71 % fib to see rejection to take shorts from here down to the -61.8%.
This morning we saw a close of a Bullish Engulfing which was followed by a slight rejection just above the monthly resistance level of 0.89430 . The EUR has continued this fall this evening however it being a Friday can produce unpredictable signals, we may see that the Bullish Engulfing does prove to be a turning point of the short downtrend this afternoon...