EUR/GBP Approaching Resistance, Prepare For A Reversal!
June 7, 2018 7:25 am
EUR/GBP is approaching its resistance at 0.8792 (76.4% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap resistance) where we expect to see a reversal, causing price to fall to its support at 0.8725 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support). We do have to be cautious of the intermediate support at 0.8758 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is making the same approach to its resistance at 98% where we expect to see a reaction.
Sell below 0.8792. Stop loss at 0.88264 Take profit at 0.8725.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/GBP is approaching its resistance at 0.8792 (76.4% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap resistance) where we expect to see a reversal, causing price to fall to its support at 0.8725 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support). We do have to be cautious of the intermediate support at 0.8758 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is making the same approach to its resistance at 98% where we expect to see a reaction.
Sell below 0.8792. Stop loss at 0.88264 Take profit at 0.8725.
The material has been provided by InstaForex Company – www.instaforex.com
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