Bearish Setup On EURGBP
FХ Strategist & Financial Commentator
During this first part of the month, anyway, the Euro set a bounce towards 0.8950 area, while on yesterday’s session we had the first convincing bearish candle with a closure around 0.89 area.
Looking at the RSI Indicator we can detect a bearish setup that combined with the important resistance area around 0.8950, should favour a technical correction. The Average True Range, on the other hand, is continually falling and it seems ready to approach the bottom area scored on November 2019.
The bearish setup would be activated in case of a fall towards 0.8880 below the weekly bottom, with a stop loss to place at 0.9000 above the April’s top zone. While the target price could be expected at 0.8760 around the previous accumulation base.
As always I recommend to trade carefully and to plan at best every move. Don’t forget to subscribe to NBHM YouTube Channel to stay up to date with the financial markets! Have a good trading and see you for the next video.