Looking at taking a SHORT position on EURGBP.
1) Strong bearish trend, nearing a touch of the 4HR trend line.
2) Good level of support at 0.91200, with fib level just above, this correlates well with the trend line too.
3) Looks like we have some bearish candles forming on the lower time frames (possibly a hanging man)
As always I will wait to see how price moves and to see if I get a good entry. There's a possibility that price touches trend line again before a move downwards. We will have to wait and see!
1) Strong bearish trend, nearing a touch of the 4HR trend line.
2) Good level of support at 0.91200, with fib level just above, this correlates well with the trend line too.
3) Looks like we have some bearish candles forming on the lower time frames (possibly a hanging man)
As always I will wait to see how price moves and to see if I get a good entry. There's a possibility that price touches trend line again before a move downwards. We will have to wait and see!
Trade active:
Entered trade at 0.91155.
SL = -24 pips
TP = +54 pips
SL = -24 pips
TP = +54 pips
Currently hovering in slight profit.