EURGBP Approaching Support, Prepare For A Bounce
Buy above 0.8905.
Stop loss at 0.8880.
Take profit at 0.8945.
Reason for the trading strategy (technically):
EURGBP is approaching its support at 0.8905 (100% & 61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.8945 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is bounced off its support at 1.7% where a corresponding bounce could occur.
Stop loss at 0.8880.
Take profit at 0.8945.
Reason for the trading strategy (technically):
EURGBP is approaching its support at 0.8905 (100% & 61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.8945 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is bounced off its support at 1.7% where a corresponding bounce could occur.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.