JoeNeilCarey
Short

EUR/GBP POTENTIALLY OFFERING UP TREND CONTINUATION TRADE

FX:EURGBP   Euro Fx/British Pound
THE EUR HAS FAILED TO BREAK OUT AND CLOSE ABOVE ITS 4H CHANNEL THAT HAS FORMED, A STRONG REVERSAL CANDLE FOLLOWED BY A BEARISH ENGULFING CANDLE ADDS FURTHER CONFIRMATION FOR POTENTIAL TREND CONTINUATION.

THE 150 DAY MA PROVES TO BE A STRONG LEVEL OF SUPPORT, OFFERING A GOOD PLACE FOR A STOP - WITH A STRONG RISK/REWARD OPPORTUNITY.

FUNDAMENTALLY THE EURO             HAS EVERYTHING TO LOSE, WHILST THE GBP IS STILL PRINTING STRONG DATA; THERE IS NO CLEAR SIGNAL OF A TREND REVERSAL IN THIS PAIR, THE DOWNSIDE IS STILL FAVORABLE.

IM EXPECTING A REVISIT TO THE 0.7050's AS A POTENTIAL TARGET FOR T/P, THERE IS LITTLE IN THE WAY OF SUPPORT ON THE WAY DOWN TO THIS KEY LEVEL.
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