Long opportunity on EURGBP
Updated
Price broke out of the descending trendline on Friday, 10 April. However, we did not have any push to the upside. This was proof of low liquidity as banks are closed due to a Public Holiday. (Don't panic!)
What I'll be looking out for here next week is any potential bullish signal for me to enter long on this trade and ride the next wave of impulse move up. It could be slowing down of bearish momentum, another test of support zone and a rejection candle, it could be a bullish engulfing candle, etc.
What I'll be looking out for here next week is any potential bullish signal for me to enter long on this trade and ride the next wave of impulse move up. It could be slowing down of bearish momentum, another test of support zone and a rejection candle, it could be a bullish engulfing candle, etc.
Note
On the daily chart of EURGBP, we can see that price is currently making a correction of the impulse move up. Price is holding on the 61.8 fib level and has evidently bounced off the area a few times.Note
I'll enter long on EURGBP with my stop below the previous swing low and target north of 0.90 that provides roughly a 1:5 risk-to-reward ratio if it provides me with a valid entry that my rules are met.H2:
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