PlutusX

EURGBP Respecting Daily Lows

Long
FOREXCOM:EURGBP   Euro / British Pound
EURGBP is respecting daily lows and is consolidating on a major fib level experiencing resistance at the 0.8646 level. If price can successfully break above the level with a significant retest (on the 1H) then you can expect a move to the upside. Place the target one just below the previous weekly low. The weekly candle formation is also an indicator of an exhausted market. Monitor the breakout and retest.

Remember, only use 3% max risk per trade and to move stop losses in break even with an absolute minimum of 1:1.2 risk-to-reward.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.