EUR-GBP Possible Short

EUR-GBP Possible Short

We can observe that the price has confirmed a potential double top and is ready to test the support around 0.84207. The first signal is that the MACD and RSI have shown overbought levels near 0.84480. This level has been confirmed again as resistance, causing the price to reject and move lower.

Considering this resistance level and the alerts from the MACD and RSI indicators, along with price action, we can deduce that a retest of the 0.84207 support level is likely.

Important: Before testing this support, we need to break the upward trendline!

Possible Short Setup If the price re-enters resistance levels, we could consider taking a short position. Remember, the stop loss should be placed above the 0.84584 level.

I don’t recommend entering right now. It’s better to wait for a pullback to improve the risk-reward ratio.

Let me know what do you think in the comment section!!!!