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08.07.202110:14 Forex Analysis & Reviews: EURGBP approaching 1st resistance, potential for reversal!

Exchange Rates 08.07.2021 analysis

Price is approaching 1st resistance, in line with 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal overlap resistance, where we could see a reversal and further drop towards 1st support, in line with 78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing low support. Price is also holding below moving average and descending trendline resistances, showing signs of bearish pressure.

Trading Recommendation

Entry: 0.85643

Reason for Entry:

61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal overlap resistance

Take Profit: 0.85410

Reason for Take Profit:

78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing low support

Stop Loss: 0.85830

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing high resistance

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Dean Leo,
Especialista em análise na InstaForex
© 2007-2021
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