EurGbp current trading setup

Posted on Tuesday, April 13th, 2010 at 3:47 pm.

Right now the market is about 1 hour from getting our new pivots for Tuesday the 14th of March. The Eur/Gbp is completing a double bottom that it has been forming for the last two days. This is visible on the hourly time frame in the same support hit twice and on the daily time frame as two apposing candles with major upward pressure. I really like the setup on this right now and am simply waiting for the neckline breakout on the hourly time chart and I will trade back to the fibo level or the daily gap.