EUR/GBP POTENTIALLY OFFERING UP TREND CONTINUATION TRADE
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.
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.
