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olly48
Feb 24, 2021 8:38 AM

EUR/GBP Wait For Retrace Short

Euro / British PoundFOREX.com

Description

Like a lot of pairings at the moment this did not make a retrace and continued straight to the next support/resistance level. This touched the next TP price I had set but without the retrace I could not enter the trade.

Now the plan is to wait for a retrace as this is very overbought. A retrace to around 0.5 Fibonacci would be good but we need to see the rebound before entering. I have set the TP target at 0.83139 which is the next big support level.
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