PriceActionTrading
Short

RETRACEMENT EURGBP

FX:EURGBP   Euro / British Pound
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Look towards selling EURGBP now or at 0.7807. price is retracing towards former support turned resistance which has been tested to be a resistance level . stop out your position only if price closes above 0.785 at the H4 chart. profit target are 0.7744. Look to close out half at profit target and other half as long as possible.
if price close above 0.7844 that would signify further short term upwards push.

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please note that the price has not been able to close above 0.7823. despite the D1 bullish engulfing, i still believe that this trade is still in play. the BE could just be a very nice looking retracement pattern, i do not consider it as a bullish engulfing.
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sold at 0.7803. playing it conservative, risking half my usual amount (5%) looking to gain (15%). placed an alert at 0.7823 if prices were to go that level. will close my position if H4 D1 manages to CLOSE above that level. looking to gain at 0.7769 and 0.7750.
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H1 chart showing double pin bar faking the 0.7811 level. a H1 close above the two pin bars would invalidate this trade. a soft stop loss can be placed above the two H1 pin bars if you decide to trade. not recommended though as my analysis are for H4 D1. I personally do not trade H1 charts.
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