Breakout Continuation Play On EURGBP
After trading in a range, we finally see an upside breakout. Price is also holding above the 0.84635 upper boundary. Here are the key points that I have been watching:
1. Price made a quick attempt to trade above the 0.84635 level. Although this breach was short lived, it does provide an indication that there is upside potential.
2. Price breached the lower boundary but failed to sustain. This was indicated by the fact that price traded back into this range. Like #1, I'm seeing weakness with respect to the upper and lower boundaries holding.
3. This is a decent indication that I don't anticipate further downside momentum. Price not only respected this boundary but also failed to trade a lower low.
4. My breakout continuation play right now is based on the the 0.84635 upper boundary level holding. If it does not, it would be a very easy decision to scratch and move on.
1. Price made a quick attempt to trade above the 0.84635 level. Although this breach was short lived, it does provide an indication that there is upside potential.
2. Price breached the lower boundary but failed to sustain. This was indicated by the fact that price traded back into this range. Like #1, I'm seeing weakness with respect to the upper and lower boundaries holding.
3. This is a decent indication that I don't anticipate further downside momentum. Price not only respected this boundary but also failed to trade a lower low.
4. My breakout continuation play right now is based on the the 0.84635 upper boundary level holding. If it does not, it would be a very easy decision to scratch and move on.
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