Pin Bar on EUR/GBP

Pin Bar on EUR/GBP

The EUR/GBP currency pair is in a sideways trend for quite a long time. Over the past two months, the sufficiently strong support and resistance levels were formed: 0.87700 and 0.90000, respectively. In the near future, bearish sentiment may prevail on the EUR/GBP currency pair. Near the upper border of the trading range (0.90000), a classic pattern "Pin Bar" (Timeframe D1) was formed. Local support is the level of 0.88850. We recommend you to pay attention to this situation.

If the price fixes below 0.88850, it is necessary to consider sales of EUR/GBP. The closest target for fixing the profit is the lower border of the trading range (0.87700). In the medium term, EUR/GBP may reach the support level of 0.86150. When tracking the position, we recommend using a trailing stop.

by JustForex, 2017.11.16

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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