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.
Price has rejected from the 20sma in weekly chart and also 61.8 Fibo level. I like this trade and I’m looking for good long entries in smaller timeframe.
In the H4 chart above there is a short-term resistant line at 0.8550 and price is struggling to break it now.
I like it to break that resistant and then a retrace to retest it again and I will go long there.
Profit targets are 0.8635, 0.8700, 0.8840.
In the other hand, wait for a bearigh H4 candle that closes clearly below 0.8550 and go short there for 0.8500 and 0.8450 as profit targets and stop above 0.8565.
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