EUR/GBP—Waiting to For the Opportunity to Enter another Short Euro Traded

EUR/GBP (0.7347)

• Resistance Levels: 0.7391, 0.7510, 0.7628
• Support Levels: 0.7240, 0.7150, 0.7005
• Trade Strategies: Flat waiting on a short euro trade to emerge

The EUR/GBP has recovered but the recovery appears to be stalling at the pivot located at 0.74. Please look at the below MT 4 chart.

Note the Shooting Star candlesticks below 0.74. These are not yet confirmed, as we need a daily close lower. There is near term support at 0.7240. A daily close below this level will challenge the technical support at 0.7150. Should the euro move higher, we have a congestion area at 0.7385 to 0.7391. We need a close above this area to challenge the next technical resistance at 0.7510.

My trading strategy remains flat as unconfirmed shooting stars are not a good enough reason to enter a short euro trade. There is no reason to enter a long euro trade at this time as well. For now I am flat. I will enter a short euro, or at least that is my plan, when a better opportunity comes along.