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EURGBP: Can Bulls Bounce Back!

Daily Time Frame: Starting on the higher time frame we can see that price is testing a strong area of monthly resistance .89000 key psychological support. However, notice how price reacted and how strong it came down after it tapped .90000 daily psychological resistance.


4hr Time Frame: Scaling down we can see that price is creating a triple bottom formation at this support zone. If price manages to show higher time frame rejection in confluence with 4hr rejection, then look to buy this back up to .90000 key psych. However, if price breaks and closes below support look to sell this down to .88000 and then .87000. Due to the uncertainty of market fluidity, risk management is highly recommended.


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