2018Oct04 EURGBP D1 CRT-Bearish Engulfing

FX:EURGBP   Euro / British Pound
EURGBP has been on a short term downtrend amidst a long term uptrend. Yesterday, there was a break of the long term trendline support with a bearish engulfing pattern. Therefore, I am placing a sell limit order at 0.88668. Stop loss is just above the pattern while the take profit target is at the 61.8 Fibonacci retracement level of the long term swing low to swing high. I will cancel the pending order if price goes to TP1 before getting triggered. Trade details are as follows:

Trade Setup: CRT-Bearish Engulfing
Price Entry 0.88668
SL 0.89227 | SL pips 55.9
TP1 0.88033 | TP1 pips 63.5
RRR1 1.14
Good call on EURGBP and there may be potential gains as you have identified by going short. If the potential drop persists, we may want to take a closer look at 0.8734 support level which is a horizontal swing low support, with a 76.4% Fibonacci retracement and 100% Fibonacci extension. Excited to see how things develop. 

Please take a look at our idea and share with us what you think. 

+1 Reply
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