Hi everyone:
Here is my view on EURGBP LONG, Any type of feedback is greatly appreciated it. Thank you
Trade: #4
Date: 11/29/2016
Time: 08:00 GMT
Forex Pair/Commodity: EURGBP
Position: LONG (BUY)
Reward/Risk: 3+:1
Opportunity:
Daily: break down 0.8700 horizontal support and resistance line, now over extended, need a pull back
4 Hour: break above 20 EMA and resistance trend line, MACD divergence
1 Hour: break above 50 EMA, resistance trend line, retested back at main pivot point, and 50 EMA, MACD convergence
5 Min: Price breaks up short term resistance trend line after bounced up from main pivot point
Looking to take this pair to previous strong horizontal support and resistance line of 0.870 and daily 50 EMA and 0.382 fibs retracement
Thank you for your support