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Daily Tip: Limit order
Tuesday, July 6, 2010 posted by admin
Sell EUR/GBP @0.8262, SL@ 0.8410, TP1@ 0.8214, TP2 @ 0.8090, and TP3 @ 0.8005
The pair has been on a downtrend since as early as March this year. For the past week it has been moving up from 0.8065 to 0.8297, correcting more than 50% of the last move down and encountering a resistance. As shown on the daily chart, the move slowed down at an area of a down trend line.
Selling the pair below 0.8262 offers an excellent risk/ reward ratio because the overall trend is down and the trade has a bigger profit potential.
All analysis is based on the daily chart.
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Last price: 0.8281
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