Kumowizard

EURGBP - Bearish momentum drops, swing up possible

FX:EURGBP   Euro Fx/British Pound
144 0 3
Weekly:
- Ichimoku setup is bearish , with key support at 0,7170
- On the other side Heikin Ashi signals bearish momentum has been dropping during last three weeks. A bullish wedge may be forming too. Long term trendfollowers would close shorts above 0,7170 - 0,7200

Daily:
- Ichimoku setup is bearish , but due to last spike to test 100 WMA, Tenkan and Kijun has weak bullish convergence.
- Heikin Ashi signals undecision (loss of bearish momentum ), and if price can't get below 0,7000 a bullish swing may be around the corner
- Key levels are 0,7077 and 0,7160-0,7200 area (in line with weekly 0,7170)

I enterred some long at 0,7031 with stop at 0,6995, but in terms of risk I do only 0,5 trade unit, as the probability of the trade is still not very high. I would add to longs above 0,7050 and 0,7080.
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