Even though the Weekly candle closed strong Bullish Engulfing Candle, the Daily candles show loss in Bullish momentum + Massive Selling pressure due to the Top of the Monthly range and 0.91000 Even-handle number. If the Daily and 4H 'barely held bullish structure' breaks, I will look to short the pair.
PS: This is only for reference and is subject to change with...
EURGBP H4 Chart-
Market is in an Uptrend and price is above the 50EMA, price is in the Monthly Resistance Zone (Brown Area).
Reason For Entry- Double Top followed by Engulfing Candle.
SL- 48 Pips🛑
TP1- 48 Pips✅
TP2- 96 Pips✅
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