EUR/GBP—A Short Euro Trade is Established to go Live at 0.7310

EUR/GBP (0.7303)

• Resistance Levels: 0.7391, 0.7510, 0.7628
• Support Levels: 0.7240, 0.7150, 0.7005
• Trade Strategy: Short euro trade order placed to activate at 0.7310

The EUR/GBP has turned lower after confirming a pair of Shooting Star candlesticks. Please note the below daily MT 4 chart.

Note the Shooting Stars below the technical resistance and pivot at 0.74. We have short term technical support lining up at 0.7240. A daily close below this level exposes the technical support at 0.7150. A break above the congestion area at 0.7385 to 0.7391 will challenge the technical resistance lining up at 0.7150.

Price action is too close to a support level to enter an immediate short euro trade. So here is the plan. I have entered a pending short order at 0.7310. If this order is activated, my first target is 0.7240. I will carry a stop-loss to activate just above 0.7381.