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EUR/GBP hits target then stop

Yesterday, I discussed a trade idea for EUR/GBP, which I took:

"0.8380 could be an entry point during the 7/19 session, with a stop below 0.8365. (risk: 20-25 pips)
The targets could be 0.8415 and 0.8485. (reward: 35 pips and 105 pips. avg: 70 pips)."
(EUR/GBP in bullish continuation breakout)

Basically, the EUR/GBP came up and hit the 0.8415 target. Then, it slide back to the 0.8365 stop. This trade netted essentially netted almost 25 pips.

EUR/GBP 1H Chart 7/20

(click to enlarge)

Re-assessing the bullish outlook:
- Although EUR/GBP showed that it was still choppy, the bears are held back as long as the pair is above 0.8320.
- That is not to say it is bullish other than in the short-term.
- But, if the EUR/GBP stays above 0.8320, there is upside to 0.8315 and possibly the 0.8485 pivot area up to 0.85.
- A rally back to these 2 targets would be bullish in the very short-term, but could still be considered part of a medium-term bearish correction that has turned sideways.

- The short-term bullish bias however is being challenged by the 7/20 European session dip. 
- Price action showed respect to the 200-hour simple moving average (SMA), and was relatively stronger than the prevailing bullish action during the 7/19 session.

Going long cautiously:
- I did open up a long position at 0.8346 with a stop at 0.8315 and a target of 0.8415. This is essentially 2:1 reward to risk. The fact that the European session was very bearish limits my risk tolerance here, so I only opened up 1 position instead of the usually minimum of 2.