EUR/GBP is still bearish, so we can't be looking for any Long for now. If we saw a false breakout of highlighted horizontal Mirror Level, we'd be looking for a nice buy in case price action speaks a bullish language.
Our preference: sales position below 0.8845 with targets at 0.8815 & 0.8800 in extension.
Alternative Scenario: In excess of 0.8845, aim for a continuation of the increase with 0.8860 & 0.8880 in line of sight.
Comment: the support sinking at 0.8845 triggered a bearish acceleration on the support at 0.8800.
Our preference: position bought above 0.8830 with targets at 0.8860 & 0.8880 in extension.
Alternative scenario: in break of 0.8830, a continuation of the decrease will be envisageable with 0.8815 & 0.8800 in line of sight.
Comment: A support base of 0.8830 was formed and allowed temporary stabilization
Our preference: sales position below 0.8850 with targets at 0.8775 & 0.8745 in extension.
Alternative Scenario: In excess of 0.8850, aim for a continuation of the rise with 0.8870 & 0.8900 in line of sight.
Comment: The RSI is badly oriented
Our preference: position bought above 0.8775 with targets at 0.8860 & 0.8900 in extension.
Alternative scenario: in break of 0.8775, a continuation of the decrease will be envisageable with 0.8745 & 0.8715 in line of sight.
Comment: The RSI is well oriented.
I see now a potential Short position for this pair as it's now heading to Strong Key Level.
Could be retracement or reversal so watch out the PA after short order is triggered.
I can't see any targets for the short entry right now. After it's trigger than I can see the next move either a short retracement or complete reversal.
I would put the order...
We need to monitor this trade closely.
There are 2 potential setups:
1. The price pull back to the resistance zone near 0.87xx and wait for bearish signals to short
2. Zoom into H4 Chart and look for bearish signal to short.
Trade with right risk management as the current risk/reward is only 1.5. :)
Hello Traders !
We have a broken trend line on daily time frame and RSI divergence, we are also bullish fundamentally in GBP pairs.
This looks like a good opportunity to short this pair, you can either short now or wait for a pull-back or consolidation and short...