EURGBP - Selling into correction
Updated
EURGBP - Intraday - We look to Sell at 0.9120 (stop at 0.9150)
Morning dips were bought into in front of yesterday's support level (0.9000) and follow through bullish momentum resulted in all the initial down move being overturned. A bullish hammer has been posted as prices reject the lower levels. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. We have a 61.8% Fibonacci pullback level of 0.9183 from 0.9500 to 0.8683. There is scope for mild buying at the open but gains should be limited. Preferred trade is to sell into rallies.
Our profit targets will be 0.9000 and 0.8960
Resistance: 0.9075 / 0.9100 / 0.9137
Support: 0.9000 / 0.8960 / 0.8937
Morning dips were bought into in front of yesterday's support level (0.9000) and follow through bullish momentum resulted in all the initial down move being overturned. A bullish hammer has been posted as prices reject the lower levels. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. We have a 61.8% Fibonacci pullback level of 0.9183 from 0.9500 to 0.8683. There is scope for mild buying at the open but gains should be limited. Preferred trade is to sell into rallies.
Our profit targets will be 0.9000 and 0.8960
Resistance: 0.9075 / 0.9100 / 0.9137
Support: 0.9000 / 0.8960 / 0.8937
Order cancelled
I still like the idea of selling near this level on an intraday basis
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