EURGBP Double Bottom Up
Structure: Upward
Moving Average: Gonna Test 200 SMA Resistance
Trendline: Downtrend Line Broken
Pattern: Double Bottom, Neckline Top Broken
Trigger: Strong Bullish Candle on Weekly TF
Support: 0.8590, 0.83
Resistance: 0.88, 0.90
Wait for Retracement enter Long, possible area around 0.86 level
To avoid "fakeout", a rejection candle closed on 4H showing 0.86 support is recommended, best case is a long wick bullish candle. This can lead to smaller SL too.
Entry Area: 0.86
SL: 0.83
1st Target: 0.88
2nd Target: 0.90
Moving Average: Gonna Test 200 SMA Resistance
Trendline: Downtrend Line Broken
Pattern: Double Bottom, Neckline Top Broken
Trigger: Strong Bullish Candle on Weekly TF
Support: 0.8590, 0.83
Resistance: 0.88, 0.90
Wait for Retracement enter Long, possible area around 0.86 level
To avoid "fakeout", a rejection candle closed on 4H showing 0.86 support is recommended, best case is a long wick bullish candle. This can lead to smaller SL too.
Entry Area: 0.86
SL: 0.83
1st Target: 0.88
2nd Target: 0.90
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