I am waiting for price to close below the support line before I short to the greyed area where price has been rejected before
Once price has then continued to move I will place another short to the next support line
We will need to wait for the pullback upon breakout before placing the trade
We can see from the chart that this pair has fallen from this zone a few times in the past, i am currently selling but waiting for price to break this key level before adding another sell
I believe it will come up and test resistance again before dropping
Nice and easy setup this. After a decent downtrend we have seen some pullback followed by a nice bearish cande which suggest we should see more downside movement. I have gone short on this and marked the tp and sl for you as well.
Let me know your toughts as well.
Trade safe and good luck.
With GBP strengthening across the board, this looks a banker SELL trade. With WS1 just below this will be a magnet for EUR/GBP BEARS. I'm LONG GBP/USD (already analysed and posted) and am looking to see a similar move in the opposite direction on this pair. WS1 will offer support but I'm targeting WS2 at .8640 so IO'm in at .8753 with a STOP at .8788 and a...
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%.
Good Afternoon Traders,
The Euro currently sits at a level imminent for a big drop with the potential returns of around 200-400 pips. The RSI currently indicates significant divergence and I believe the GBP will gain some momentum during the remainder of the year, boosting the strength of the GBP and driving the euro down (this can be seen by my analysis of the...