EURGBP TRADE ANALYSIS by WAVE FX Academy
Trading View Analysis Template
Hi Traders, here is my analysis for EURGBP
Technical Analysis:
Monthly Timeframe:
Market has been consolidating for the past 4 years, holding the lows of 0.8300 and highs of 0.9300 as string support and resistance respectively. The current market structure shows where this consolidation may be the wave 2 correction, with a possibility of price breaking that 0.93 barrier very soon.
Weekly Timeframe:
Analysis on the Weekly is also providing confluence to the monthly market structure. We are seeing where the market is potentially starting the wave 3 bull run of the subway extension. We can expect a retrenchment to take place around the 0.93 monthly resistance, which would provide a good opportunity to buy. I will be monitoring the price action to see if we indeed get the breakout, otherwise, i would anticipate a retracement into the 0.9150 to 0.9100 zone
Daily Timeframe:
Strong bullish price action on the daily shows where market found price acceptance 3 month highs, which will now act a strong support to the market structure. We should anticipate further continuation to the upside.
This strong bullish pressure will definitely encourage more buyers into the market, however, I would personally wait for some form of retracement or a strong rejection off the 0.9100 support zone before I start buying.
My overall bias LONG and to see price action hitting 0.9500 I've labeled the areas based on what I will be anticipating.
An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Like and Comment your thoughts . All feedbacks are welcome.
If you are new to FOREX trading, here are the definition for words you may seen mentioned above.
Price Action: Change in the price value of a traded instrument whether Forex, Commodities or Indices.
Market Structure: This is classified as any group of candlesticks placed together with the use of Support, Resistance and Trendlines . once grouped they would provide a pattern to indicate a possible movement in price action.
Support: Areas in the market where price tends to reverse after a sell off (lower price action)
Resistance: Areas in the market where price tends stop, pause or reverse after bull run (higher price action)
Uptrend: price action in the market creating a series of high highs and higher lows.
Downtrend: price action creating a series of lower lows and lower highs Long: Taking a position to buy the base currency
Short: Taking a position to sell the base currency.
Hi Traders, here is my analysis for EURGBP
Technical Analysis:
Monthly Timeframe:
Market has been consolidating for the past 4 years, holding the lows of 0.8300 and highs of 0.9300 as string support and resistance respectively. The current market structure shows where this consolidation may be the wave 2 correction, with a possibility of price breaking that 0.93 barrier very soon.
Weekly Timeframe:
Analysis on the Weekly is also providing confluence to the monthly market structure. We are seeing where the market is potentially starting the wave 3 bull run of the subway extension. We can expect a retrenchment to take place around the 0.93 monthly resistance, which would provide a good opportunity to buy. I will be monitoring the price action to see if we indeed get the breakout, otherwise, i would anticipate a retracement into the 0.9150 to 0.9100 zone
Daily Timeframe:
Strong bullish price action on the daily shows where market found price acceptance 3 month highs, which will now act a strong support to the market structure. We should anticipate further continuation to the upside.
This strong bullish pressure will definitely encourage more buyers into the market, however, I would personally wait for some form of retracement or a strong rejection off the 0.9100 support zone before I start buying.
My overall bias LONG and to see price action hitting 0.9500 I've labeled the areas based on what I will be anticipating.
An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Like and Comment your thoughts . All feedbacks are welcome.
If you are new to FOREX trading, here are the definition for words you may seen mentioned above.
Price Action: Change in the price value of a traded instrument whether Forex, Commodities or Indices.
Market Structure: This is classified as any group of candlesticks placed together with the use of Support, Resistance and Trendlines . once grouped they would provide a pattern to indicate a possible movement in price action.
Support: Areas in the market where price tends to reverse after a sell off (lower price action)
Resistance: Areas in the market where price tends stop, pause or reverse after bull run (higher price action)
Uptrend: price action in the market creating a series of high highs and higher lows.
Downtrend: price action creating a series of lower lows and lower highs Long: Taking a position to buy the base currency
Short: Taking a position to sell the base currency.
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