EUR/GBP: Possible Long after correction and tested support - Pin Bar formation

29.09.2016 / 05:49

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EUR/GBP:

Date: 29 September, 2016

H4 Graph: Long Trend

After the price moved up and found resistance at a level of the previous high at 0,87250 made a correction down to horizontal support at 0,8600. The diagonal support is broken but the horizontal support is stronger than the diagonal. Long Trend. Fib level is also present at 23.6%.

There was a bearish divergence just before the correction and its possible that is finished.

Price Action: Pin bar at a level of strong horizontal support - Possible signal for long with the trend

Alternative scenario: If the price breaks below the wick of the Pin bar, this could cancel this bullish call.

Technical Indicator:

DEM (14) - In a oversold zone and turned up for long

Price for Entry Long around: 0,86100

SL: 0.85750

Jr. Trader - S. Fuchedzhiev

Varchev Traders

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EUR/GBP: Possible Long after correction and tested support - Pin Bar formation

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