EURGBP | MT Short H4 | Betting Against the EUR

Pair: EURGBP
Timeframe: H4 - Medium Term (MT)
Direction: Short

Technical Confluences for Trade:
- Stochastics are in Overbought Conditions on H4 and H1 time-frames
- Price action has multiple resistance from trendlines & also a horizontal trendline (supply zone)
- Aiming for the 50% Fibo Retracement which the horizontal line shows a supply-demand zone.

Fundamental Confluences for Trade:
- Nothing much can dictate the movement of this FX pair as they are heavily trade-related like the AUDNZD . Any major movement will come from supply-demand areas, monetary policies or economic data gyrations.

Suggested Trade:
Entry @ Area of Interest 0.8590 - 0.8620
SL @ 0.8643
TP 1 @ 0.8562 (Close Half-Position & move SL to Entry level once TP1 is achieved)
TP 2 @ 0.8522
Risk-to-Reward @ Approx. 2.22 (Depending on Entry Level)

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Disclaimer: The above suggestion is an personal opinion in general and does not constitute as investment advice. Any decisions taken based on the above suggestion is purely your own risks.

Any websites / brokers / applications suggested here are also provided as informational purpose only.

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Trade closed: stop reached

Trade active:

Can retest the above trade again as there was no clear sign of a break above the trendlines.

Comment:

TP1 levels achieved.

Take profit on half the position and move the SL to Breakeven levels for a risk-free trade.

:D

Trade closed manually:

Price is very close to TP2 levels. Decide to manually close the position and enjoy the successful trade. :D