Since the beginning of this year, the FX pair EURGBP has made a fast reverse, leaving its downside trend for a very bullish construction. On that situation, as long as the tops and bottoms remain higher than the previous ones, we should look for potentially interesting entry points. Here, we probably got one due to the following reasons :
- beginning of a bounce...
1D
Most traders are expecting a correction. I am trading this as a pullback and expect a continuation. EURGBP is bound to have a significant correction, but I don't believe this is it.
As expected price is stalling 0.90500 level. I am expecting price to pullback to 0.86700 level because that a level with ton of confluence.
+ 50 daily EMA
+ 50-60% fibbonaci retracement
+ higher low
+retest of previous support of 0.86700 level
Eurgbp is consolidating from last week and I expect the breakout to be wild one. I don't rule out the possibility of false breakout, bcos people will get excited, price moves up & euphoria settles down comes back hits our stops and market moves to other direction. In triangles always wisely place your stops ( figure out a better way to manage risk n reward ) , so...
(i) Purely based on Trendlines & price action
(ii) This is aggressive setup, so non-risk takers don't trade
(iii) Enter after valid analysis only !
Happy Trading...
Ok guys. I am currently looking for a long on the EG. I have identified three separate resistance levels from the past that have become my current targets. If the price can break my .382 fib and first resistance of 0.8504 I will be long to 0.8565 and then 0.8623.
Be careful as Draghi is speaking on Tuesday. I'm hoping that we can reach our 0.8565 target by the...
