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A break and close above the trendline looks bullish. But to go long, I will be looking for a pullback and then bounce from the trendline. Or else, I will go long on a break& close the highs of June-12.
A Full Time Trader's Blog. The Forex and Commodities Trading with Technical and Fundamental Analysis
Wednesday, October 17, 2012
EURGBP Long Trade Setup
EURGBP pair went above 200MA and descending trendline and closed well above it. Thanks to EURUSD up move.
This trendline has resisted the pair since June-12. It has also crossed & closed above the previous highs of 0.8113 on 14-Sep-12. Now focus comes on June's highs. After that sky looks clear till 0.8291/0.8300 area.
A break and close above the trendline looks bullish. But to go long, I will be looking for a pullback and then bounce from the trendline. Or else, I will go long on a break& close the highs of June-12.
A break and close above the trendline looks bullish. But to go long, I will be looking for a pullback and then bounce from the trendline. Or else, I will go long on a break& close the highs of June-12.
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