EURGBP - Multi TF Technical Analysis - 3.5RR (4⭐️Trade?)
Looking at the previous price action of EURGBP we should have a pretty quick trade coming up (here?).
For the last 69 (heh) days EUR dropped to a previous support level since around April of this year.
Where the Magic is and what gives me confidence in this trade is a bullish trend line from 2016 is approaching this support level at the same time as the price in addition to the corrective price action we should have a pretty significant increase in price pretty quickly.. but.. anything could happen with Brexit. At this point Brexit not being successful might be priced in, but if it doesn't go as expected, expect GBP to drop even further increasing the price of the EUR .
There is a lot of indecision and low volume currently on the pair currently. This pair also has a tendency to come back and show a double bottom/top before heading in the direction, so I wouldn't be surprised if we hit the support one more time before flying up to the top.
Don't forget to adhere to proper risk management. I prefer to use 1.5x ATR, which would give us around 105pip SL, which rests below the long term trend line, increasing my confidence. 4⭐️ trade here
For the last 69 (heh) days EUR dropped to a previous support level since around April of this year.
Where the Magic is and what gives me confidence in this trade is a bullish trend line from 2016 is approaching this support level at the same time as the price in addition to the corrective price action we should have a pretty significant increase in price pretty quickly.. but.. anything could happen with Brexit. At this point Brexit not being successful might be priced in, but if it doesn't go as expected, expect GBP to drop even further increasing the price of the EUR .
There is a lot of indecision and low volume currently on the pair currently. This pair also has a tendency to come back and show a double bottom/top before heading in the direction, so I wouldn't be surprised if we hit the support one more time before flying up to the top.
Don't forget to adhere to proper risk management. I prefer to use 1.5x ATR, which would give us around 105pip SL, which rests below the long term trend line, increasing my confidence. 4⭐️ trade here