Hello all, this is my prospective on the pair EURGBP
Daily charts shows that the pair is in an upward trend but has done a retracement to a support level that has held before. The pair has done a bounce off this support, I see it retesting structure that we can see the the left of the chart.
The pair is moving above 200 Simple Moving Average and 200 Exponential Moving Average.
Wait to see a solid close above .8885 for possible entry.
Stops placed at .8825 if entered.
I would look to close or take partial profits at .8934 (49 Pip Move). If I'm taking partial profits then
I'll wait for the remaining of my position to hit .8999 (114 Pip Move) which is a retest of newly formed
structure resistance.
Please leave feed back letting me know what you think of my analysis.
Agree or Disagree?
Daily charts shows that the pair is in an upward trend but has done a retracement to a support level that has held before. The pair has done a bounce off this support, I see it retesting structure that we can see the the left of the chart.
The pair is moving above 200 Simple Moving Average and 200 Exponential Moving Average.
Wait to see a solid close above .8885 for possible entry.
Stops placed at .8825 if entered.
I would look to close or take partial profits at .8934 (49 Pip Move). If I'm taking partial profits then
I'll wait for the remaining of my position to hit .8999 (114 Pip Move) which is a retest of newly formed
structure resistance.
Please leave feed back letting me know what you think of my analysis.
Agree or Disagree?
Trade closed: stop reached:
Sadly the trade did not work out but we did not get an entry signal so we did not loss or gain from this idea.