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EUR/GBP: New Long position could be in play

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EUR/GBP:

Date: August 1, 2016

H4 Graph: Long Trend

After the price moved up to 0,86300, made a correction down to Fib 38,2 and a horizontal support at a level of 0,8300. After that price fell into a consolidation with formation of - Triagle - but now the price came out of it and moved up. Came back to test the break.

EURGBPSFH4

Alternative scenario: if the price moves down and below the FIB 23,6% and below the break out of the triangle will cancel the Bullish view.

Technical Indicator:

DEM (14) - Still not in the overbought zone

Price for Entry long around: 0,84300

SL: 0.83800

Jr. Trader - S. Fuchedzhiev


 Varchev Traders

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