Another Potential Long Setup Upon Retracement

Euro has been up-trending so strongly against pount since May this year, and the reputation of EMA(50) as dynamic support still remains intact. At the moment, EURGBP is re-tracing to EMA(50) which gives a very good potential long setup upon retracement to 0.905 price level. This level has become an important level as it was tested as resistance twice (indicated with blue arrow). And to add-on, stochastic indicator is currently moving to oversold territory, making this currency pair worth watching for.

Commentaire:

Seems like EMA(50) is going to be broken soon. And if this is the case, there will be NO long trade on this pair.