Potential long setup showing on the EUR/GBP pair.
I have identified a descending trendline on the daily time frame and previous resistance level is present. The MACD is indicating potential upside movement along with a bullish engulfing candlestick pattern showing too.
I will await closure of the 4hr candle with a close above the trend line to show a break before entering a trade. TP will likely be within the highlighted zone nearing the 0.618 fib retracement level. SL will be 2%.
Let me know what you guys think!
*I trade on demo account*
I have identified a descending trendline on the daily time frame and previous resistance level is present. The MACD is indicating potential upside movement along with a bullish engulfing candlestick pattern showing too.
I will await closure of the 4hr candle with a close above the trend line to show a break before entering a trade. TP will likely be within the highlighted zone nearing the 0.618 fib retracement level. SL will be 2%.
Let me know what you guys think!
*I trade on demo account*
Trade active:
Trade was triggered as price passed 0.88795.
Let's see how my analysis plays out.
Let's see how my analysis plays out.