Trade Idea, 21 Feb: Sell EURGBP – profit taken at 0.8435

By | February 21, 2017

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EURGBP

Sell 50% @  Market (0.8512)

Sell 50% @  0.8580

SL @ 0.8640

TP @ 0.8435

The 4 hour charts look heavy, and while the dailies are flat the weeklies also seem to be heavy, so given that the daily charts do appear to be building a head/shoulder formation, with a large potential downside, building a short position with a SL placed above the 100 day SMA (Currently @ 0.8638) seems to be the plan. 

Support will be seen at 0.8465 (200 DMA) and then at the neckline of the H/S (0.8325). A break of this area though suggests a run to a distant objective, at 0.7325. That is some way off and in the meantime the TP level should be left at 0.8435 (76.4% of 0.8304/0.8851(4 hour chart))

This information is a personal view only, this being a trade being undertaken by FX Charts. It is not an inducement or recommendation to trade although you may do so if you agree with the parameters of this idea.. Refer to our disclaimer here.

These market alerts are provided as part of a trial basis only. To continue to have access to alerts at the end of the trial register at fxcharts only. To continue to have access to alerts at the end of the trial register at fxcharts.