Trade77, 16th Nov. 7am


Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.

Today’s morning technical idea is for EURGBP.

There is a great opportunity in the weekly chart of the pair as it bounced off the 20sma and 61.8% fibo level.
0.8447 was a strong support for the pair as it didn’t break it in two attempts.
Let’s see the daily chart:

Here it can be seen that price four times touched that low and then all the way back from there, now there is a range possibility. 1.3512 is the previous high and in case of breaking that level it might go up further and reach 0.8558 and then pull back to the range.

In the H4 chart below there is a bullish engulfing candle that is going to be closed higher than the previous high and it indicates a bullish run. Also the trendline was broken three candles ago and greater confirmation is to wait for a break of 20sma on H4 chart as we can see that this moving average was a great resistant for this pair and any closes beyond this could make the pair to go up further and reach 40sma for first target and 0.8558 for the second target.

Make sure that you are following me on twitter so you can be informed of any trade calls for this pair and if you found this post useful let your followers to read it too, so please retweet this article with the button above of the article.

Great Thanks

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