EURGBP: Continuation of channel or break below?
Good Morning,
As you can see from the chart price has reached an important support turned resistance level here as well as price approaching the descending trend line which could potentially shape up for a short position.
HOWEVER: We need confirmation of this first because price has entered back into the channel so we need to work out first off whether price is continuing this channel and faked out previously OR whether price will now fall lower and break out of the channel again.
For a long entry I am going to wait for price to break the descending trend line, retrace back and then catch the bounce up.
For a short entry I would like price to fall from the current resistance level and clearly break lower from the channel of which it could potentially retrace up and fall lower once hitting the descending trend line which would be a good signal for a sell.
Let me know what you think!
As you can see from the chart price has reached an important support turned resistance level here as well as price approaching the descending trend line which could potentially shape up for a short position.
HOWEVER: We need confirmation of this first because price has entered back into the channel so we need to work out first off whether price is continuing this channel and faked out previously OR whether price will now fall lower and break out of the channel again.
For a long entry I am going to wait for price to break the descending trend line, retrace back and then catch the bounce up.
For a short entry I would like price to fall from the current resistance level and clearly break lower from the channel of which it could potentially retrace up and fall lower once hitting the descending trend line which would be a good signal for a sell.
Let me know what you think!
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