Long Opportunity in EURGBP

Attached is the daily chart for EURGBP. As can be seen from it, this pair has broken out from its range over the last few days. It had been ranging for a few days between 0.8700 and 0.8830 but finally it has broken out. If you glance through the history, you can notice that this range has been withholding the prices within it whenever the price reaches it and it has always led to a breakout which yields atleast 100-200 pips.

It can also be noticed that we have had a break and retest of the resistance at 0.8840 and this provides us confirmation of the breakout. There is a very strong resistance at 0.8910 but i believe that it is only a matter of time before it is broken.

So, the idea would be to enter this trade as close to 0.8840 as possible or we can wait for a breakout from 0.8910 and take a long for atleast 100 pips.

I do run a signal service with has a very highly unique offer which creates a win-win situation for all. If you are interested, please contact me through twitter or email ([email protected]).

Do follow me on twitter (http://twitter.com/ns_karthikwhere i post some of my trades in real time.

)

  Copyright secured by Digiprove © 2010

The following two tabs change content below.
Winners Edge Trading was founded in 2009 and is working to create the most current and useful Forex information and training available on the internet.

Winner’s Edge Trading, as seen on:

Winner's Edge Trading in the news