Hey guys hope everyones having a good day/good night whereever you are.
As we all now we have been waiting for signs of a trend reversal for the Euro/gbp pair and recently it was able to find support and break through its short term resistance level.
The price has made a good upside movement but has now hit its historical resistance/support level as shown in the charts.
The RSI also indicates we are at over sold levels so would like to see a pull back.
We are not sure if this is a bear trap or not and I would like to see the price retrace back to its previous short term resistance which is also the 0.618 fibonnaci retracement (Fib from the recent bottom to the top of the resistance level) to show some solid confirmation for us to enter a good long trade towards the up side.
But in the short term I think the price needs to pull back and show us clear signs of support before we start building our long position in this pair and if it fails to find support we may see further downside in this pair.
I have been a trader for about 4 years now and decided for the first time I wanted to start sharing more ideas with the community and help others and also to listen to other peoples opinions.
Just remember this is not a financial advice and please trade at your own risk.
May the trade be with you!
please give me a follow/share/like for more further analysis.
As we all now we have been waiting for signs of a trend reversal for the Euro/gbp pair and recently it was able to find support and break through its short term resistance level.
The price has made a good upside movement but has now hit its historical resistance/support level as shown in the charts.
The RSI also indicates we are at over sold levels so would like to see a pull back.
We are not sure if this is a bear trap or not and I would like to see the price retrace back to its previous short term resistance which is also the 0.618 fibonnaci retracement (Fib from the recent bottom to the top of the resistance level) to show some solid confirmation for us to enter a good long trade towards the up side.
But in the short term I think the price needs to pull back and show us clear signs of support before we start building our long position in this pair and if it fails to find support we may see further downside in this pair.
I have been a trader for about 4 years now and decided for the first time I wanted to start sharing more ideas with the community and help others and also to listen to other peoples opinions.
Just remember this is not a financial advice and please trade at your own risk.
May the trade be with you!
please give me a follow/share/like for more further analysis.