The cross is receding 0.06% at 0.8978 and a break below 0.8948 (21-day SMA) would expose 0.8872 (low Jun.20) and then 0.8826 (low Jun.5). On the flip side, the next hurdle is located at 0.9010 (monthly high Jul.10) seconded by 0.9062 (low Jan.11) and finally 0.9092 (2019 high Jan.3).
The pair finally looks ready to move lower. We have printed a sizeable red candle yesterday at a very strong area of resistance and we see a clear RSI divergence marked by the purple arrows.
What Im looking for to enter this trade is something like this (check below 4H chart)
A double top pattern that will cause declines
Stochastic range 80, high range indicating a possible market correction.
A market price correction signal at the market price, rather than a trend signal
After a long Bullish moves, the uprise has stalled and slowed down. Price has start to create a Lower High and tried to break the Support (magenta zone) yesterday.
However, be cautious as the price can still go upwards. We merely trade WHAT WE SEE, but the market forces is beyond anyone's control.
EUR must weaken or GBP must strengthen in order for EURGBP to...
I developed what I believe is a foreseeable resistance and Support Zone on the 4 hr chart. Using proper money management should allow you to with stand any more bullish spikes. I would keep stacking positions if this pair rises in the next 48 hours.
Remember to only risk 2% of your account per trade to make sure you're not completely taken out the game.
EUR/GBP failing to move up higher. We can expect a drop down on top of the 1H 200 EMA.
Not the best trade, but the odds are there. Keep an eye on it and enter when you have enough confirmation that it's going to go for the short.
Risk a very minimal amount on this trade as it's neither highly probable and only a 1:1 Risk:Reward ratio.
The move is not yet...