Trader_97
Short

EUR/GBP SHORT TRADE SETUP

FX:EURGBP   Euro Fx/British Pound
14 0 0
Looking for a near term short trade on Eur/Gbp             . Overall seems like a nice setup but the pair has found resistance early on.We haven't even retraced 0.236% of the move just yet which seems a bit unsettling but we have broken out of the medium term bullish channel which is one of the key factors here and current day candle shows that sellers took control just below the previous support turned resistance area of that channel , The candle itself looks to be a good factor here to look for a short here since it has engulfed yesterday's move higher.I'm looking for a target at 0.6928-40 area with a stop just above the 0.7080 area.We also have a cross over of 100 day SMA and 50 day EMA which is a good enough indication that the trend has shifted back to Bearish
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