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JayanVarsani

EUR/GBP - BULLISH RSI DIVERGENCE | 61.8% FIBONACCI REVERSAL

Long
Euro / British Pound (FX:EURGBP)  
JayanVarsani  
FX:EURGBP   Euro / British Pound
Trend Analysis Chart Patterns Technical Indicators fx Forex EURUSD GBPUSD DXY dollar USDJPY Gold Currencies
3
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trendanalysis chartpattern indicator fx forex eurusd gbpusd dxy dollar usdjpy gold currencies
  • After an explosive move upwards in the recent weeks, EUR/GBP has retraced and been sold off consequently.
  • It has now reached the 61.8% fibonacci retracement level which is a key zone price tends to reverse at.
  • Furthermore, at this level, RSI has printed bullish divergence on the hourly timeframe.
  • There is therefore sufficient reason to open a long position and expect a reversal.
  • Stop will be placed below the 61.8 level and the target will be a 61.8% retracement of this downside move, ~$0.9140.
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