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EUR/GBP: Consolidation support may push the price towards the North

EagleFX

EUR/GBP produced a bullish engulfing candle on the daily chart yesterday. The H4 chart shows that the price upon making a strong bullish move has been in consolidation. The price seems to have found its consolidation support, where it produced a doji candle. Thus, if it heads towards the North and makes a bullish breakout at consolidation resistance, the buyers may go long and push the price towards the North further.

Chart 1 EUR/GBP H4 Chart


The chart shows that the price found its support around 0.88800 and made a strong bullish move. It had a rejection at 0.89960. Since then, it has been in consolidation. The level of 0.89630 has been working as consolidation support. It has already produced a doji candle. The price may head towards the North and make a bullish breakout at 0.89960. If that happens, the buyers may trigger a long entry.

Trade Summary

Entry: Buy above 0.89960
Stop Loss: Below 0.89630
Take Profit 1: 0.90170
Take Profit 2: 0.90320
Take Profit 3: 0.90560

EagleFX Review

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