Curious case of $EURGBP - Update 5
As you might know, I have been following this pair for last couple of weeks. Last friday I took two trades based on the following..
1. Remember, our large big trend is still down, untill unless we break the 50% retracement from last years fall. This 50% came around 78.70 area. Price tried to go past it but couldn't.
2. We have a Pin bar on the daily chart.
3. MACD and STOCH both now showing a cross over, and a possible downturn momentum will start here.
Big levels are marked on the chart, we need to break through the 77.00 support , then the trend line has to be broken too. If it does, then we are looking for 75.30 as our first target.. then 73.00 will be our next target.
I am hopeful with these trades since on Friday night UK reached a deal with European union and just before the close we saw $GBPUSD spiked. I expect this to continue early next week.
Much will depend on $EURUSD aswell on how it moves.
As you might know, I have been following this pair for last couple of weeks. Last friday I took two trades based on the following..
1. Remember, our large big trend is still down, untill unless we break the 50% retracement from last years fall. This 50% came around 78.70 area. Price tried to go past it but couldn't.
2. We have a Pin bar on the daily chart.
3. MACD and STOCH both now showing a cross over, and a possible downturn momentum will start here.
Big levels are marked on the chart, we need to break through the 77.00 support , then the trend line has to be broken too. If it does, then we are looking for 75.30 as our first target.. then 73.00 will be our next target.
I am hopeful with these trades since on Friday night UK reached a deal with European union and just before the close we saw $GBPUSD spiked. I expect this to continue early next week.
Much will depend on $EURUSD aswell on how it moves.