There's a strong resistance here(weekly). So, we can take a nice short here for the target shown in the chart!!! Prices also showing good pullback downside so, it may be a good trade for us !!!
Also, last week prices take good upside route and a recovery to downside is strongly expected from here...
That's all for now...
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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
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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.
