Euro / Livre Sterling
Short

EURGBP Short Analysis

59
EURGBP has broken resistance and is looking to test that support/resistance.

For me to place a trade, I am looking for a couple of confirmations.

I like to call this strategy the 1,2,3,4 strategy
( Look at blue numbers)
1 is a pullback that made a resistance from previous downtrend
2 is a downtrend that broke that resistance
3 is a pullback into the 1 zone which is now support
4 is the trade

For #4 to occur, I need the following:
1.) Doji or large wick in support zone on 1hr chart.
or
2.) A double top to form in the gold zone/ support zone/1 zone.

If one of these occurs, stops will be placed above gold zone, targeting 2.5 RR.

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