Sell Below 0.89600 Stoploss- 0.89900 Target- 0.89200-0.88850
Reasons for trade- 1. Price is near to daily channel resistance formed in Aug 17 2.4 Hour chart has formed double top pattern and took resistance twice from 0.89900 levels. 3.multiple support taken near 89.630 which has become weak now. 4.Risk Reward Ration is more than 1:1.5
On weekly Chart Eurgbp has taken resistance 3 times from 0.91000.and Price has formed bearish engulfing candle too with long wick which suggest sellers are in control now. I will enter only if price breaks the Important level of 0.89200.
Looking to Buy EURGBP as its in a uptrend. We have seen price break previous resistance and now testing the new support. We can see price bounce up from Buy range or the 200MA. Target is 0.90500 (60-70pips).
While the price is below the resistance 0.9305, beginning of downtrend is expected.
We make sure when the support at 0.8965 breaks.
If the resistance at 0.9305 is broken, the short-term forecast -beginning of downtrend- will be invalid.
There is a possibility of temporary retracement to suggested resistance zone (0.9045 to...
eurgbp has been keeping a narrow range since May.
As you can see, YPP (P) does not work and MPP (P) is functioning.
As you can see from Weekly, it is a range quote in the long run.
It seems that you can aim for long after confirming support of MPP (P).
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1) MPP (P) 0.88187 is functioned as a support...