1) EURGBP (EG) has been on a downtrend.
2) Downtrend because of the two trendlines with multiple touches.
3) Around the 0.8536 level EG formed a strong Support.
4) As on the time of this analysis, EG is testing the trendline to break the downtrend.
5) Once this happens, market structure will be broken and a new trend initiated, that trend is a Bullish one.
6) I will post another analysis of this pair looking closer into my entries (0.85823 taken on 17 March 2021 and 0.85699 taken on 19 March 2021).
7) This trade has a very good risk to reward ratio.
Goodluck.
Please Like and Comment.
2) Downtrend because of the two trendlines with multiple touches.
3) Around the 0.8536 level EG formed a strong Support.
4) As on the time of this analysis, EG is testing the trendline to break the downtrend.
5) Once this happens, market structure will be broken and a new trend initiated, that trend is a Bullish one.
6) I will post another analysis of this pair looking closer into my entries (0.85823 taken on 17 March 2021 and 0.85699 taken on 19 March 2021).
7) This trade has a very good risk to reward ratio.
Goodluck.
Please Like and Comment.
Trade active:
Trade starting off well.
