GBP/EUR is in an overall downtrend. Double top setup is in place. Price has retested neckline. Now price will probably consolidate considering that it is now hitting a key level. Ideal move: Price breaks key level and falls to the downside. I think the probability of price going to the upside is about 25% and price to the downside is about 75%.
Trading Journal #5
- Austin S.
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Price has broken a key level. Be on the lookout for sell opportunities.
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I think the bulls will push price back up to the key level and meet strong bearish resistance. There is a high probability that price will hover at the key level and then head down to the next zone of bullish support.