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EURGBP: Longs to .91500!


Daily Time Frame: Starting on the daily we can see price has been creating higher lows and is currently testing the trend line for the third time at an area of daily support and resistance. By reading the candles we can see that price is showing signs of rejection, simply by reading the wicks!

 

4hr Time Frame: Scaling down to the 4hr we can see that price is creating a beautiful double bottom formation at a key psychological zone .90000 support. After the second bounce we can see price has created an impulse flag formation (easier to see on the 1hr). If price manages to hold above .90000, we can see longs to .91500 key resistance. However, if price manages to break below .90000, we must reevaluate price action. Due to the uncertainty of market fluidity, risk management is highly recommended.

 

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