fuse-forex
Long

EURGBP Support / Two major fib fans in question

FX:EURGBP   Euro Fx/British Pound
12 0 1
This should be a big play, eventually - but catching the bottom here will be tricky. Macro themes are strongly in favor of the EURGBP             to continue higher, but the question is whether the new base will come in here at .8500 or near the major extension on the fan at roughly .8200 - there is a major difference there of about 300 pips, so it's important to watch the internals closer to these levels. Two different ways to play this - one is going long here with size, and keeping the stop tight somewhere under .8400 and the other is to go long here with small size, and then add if we drop into .8200 with stops underneath .8000 - both are good options, and we will likely play both routes.
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