That Trade Setup Worked Well for EUR/GBP
Skerdian Meta • 1 min read
A few hours ago we opened a forex signal in EUR/GBP, if you noticed. If you are a premium member then you should have received a notification by email. We sold this forex pair and that forex signal hit the take profit pretty quickly.
The fundamentals from the US scrambled the forex market and sent EUR/GBP diving lower. Both the Euro and the Pound declined after Powell’s statement, but the Euro took a stronger beating. The fundamental event was the main driver of that move, but the techncials did their part too.
Moving averages did a great job for us once again
As you can see from the H4 EUR/GBP chart below, this pair has been in a downtrend in the last couple of weeks. It started to reverse yesterday and it reached the bunch of moving averages today. Thos moving averages stopped the buyers right there and provided resistance for two sessions.
The price formed a spinning top which is a reversing signal after a retrace and then started tumbling. The stochastic indicator was overbought as well on the H4 chart when we took that trade. So, the technical indicaotrs were all looking bearish and that chart setup worked out fine for us. This are the sort of chart setups that I relly like by the way.