EUR/GBP Long position on the D/4hr
Updated
Potential long setup showing on the EUR/GBP pair.
I have identified a descending trendline on the daily time frame and previous resistance level is present. The MACD is indicating potential upside movement along with a bullish engulfing candlestick pattern showing too.
I will await closure of the 4hr candle with a close above the trend line to show a break before entering a trade. TP will likely be within the highlighted zone nearing the 0.618 fib retracement level. SL will be 2%.
Let me know what you guys think!
*I trade on demo account*
I have identified a descending trendline on the daily time frame and previous resistance level is present. The MACD is indicating potential upside movement along with a bullish engulfing candlestick pattern showing too.
I will await closure of the 4hr candle with a close above the trend line to show a break before entering a trade. TP will likely be within the highlighted zone nearing the 0.618 fib retracement level. SL will be 2%.
Let me know what you guys think!
*I trade on demo account*
Trade active
Trade was triggered as price passed 0.88795.Let's see how my analysis plays out.
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.