EURGBP Analysis (10th April 2024)
Market Analysis PT2/2 (9th April 2024)
EURGBP Analysis
On the 4 hour Timeframe, Price action has rejected of a 4 hour resistance level, creating a bearish 4 hour Change of character, followed by a BOS. This price action has resulted in a formation of a bearish FVG and a bearish Orderblock as well.
In order for price action to continue shorting, i expect price to pullback into either the FVG or the Orderblock before creating a 15 minute Change of Character to continue shorting.
Should the FVG be tapped and rejected, i expect a sharp rejection off the FVG, not a slow one. If a slows rejection shows up, highlikely hood for price action to fill the FVG and tap in to the Orderblock before seeing some proper rejections.
Make sure to risk less if you do take this set up as there is CPI and FOMC coming up later on during the NY session.
Eurgbp!
EURGBP LongMARKET PHASE
OANDA:EURGBP is in a long term uptrend (daily) with a short term corrective structure that has been taking place (4 hour).
AREA OF VALUE
Price continued to break lows within the corrective structure until it began to hold the bottom. There was a buildup of liquidity (sell stops, shorts, long order stop losses) below the corrective structure swing lows. Price violently moved down to trigger the sell stops (liquidity) to pair against the buy orders needed to take price up. Price has now started it’s initial move up but due to the velocity of the upward move, it's gapped orders around 0.85773. Price has retraced back to this level to meet the demand multiple times and is met with extreme buying pressure. We can now expect a strong push upwards in the direction of the larger trend.
TRADE
I've entered my long position on OANDA:EURGBP as follows:
Buy Limit: 0.85773
Stop Loss: 0.85733
Take Profit: 0.85853
EURGBP: Multiple Time Frame Analysis & Bearish Outlook 🇪🇺🇬🇧
Take a look how EURGBP reacted to a daily falling trend line
on a 4H time frame.
The market started to consolidate within a narrow range
and was stuck within for 2 trading days.
Today we see a strong bearish movement with a confirmed violation
of the support of the range.
It indicates the strength of the sellers.
We can anticipate a bearish movement lower, at least to 0.8562
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EURGBP - Price can exit from rising channel and fall to $0.8550Hi guys, this is my overview for EURGBP, feel free to check it and write your feedback in comments👊
Some time ago price declined lower support level, which coincided with support area, and started to trades in triangle.
In triangle, GBP made upward impulse to resistance line, breaking $0.8540 - $0.8570 levels and then turning around.
In a short time, price declined to resistance area and soon exited from triangle and broke $0.8570 level too.
After this, price fell to support area, after which it entered to rising channel, where GBP rose to $0.8570 level.
Also, price broke this level again and some time traded higher, but recently fell back to support line.
Now, I think British Pound can grow to resistance level and then bounce down to $0.8550, exiting from channel.
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EURGBP, Pull-back trade idea. EURGBP / 1D
Greetings, traders! Welcome back to another market analysis.
EURGBP pair has been trading in a Bearish trend within a larger trading range, the price is showing evidence of a pull-back mode so far. Therefore, I'll be looking to get on a pull-back trade here to close the GAP.
Trade safely,
Trader Leo
EURGBP Buy SignalConfluences for a this buy setup are displayed in the image already.
Took a buy order for this trade already based on one hour bullish engulfing candle.
Let me know your thoughts on this trade and kindly give me a boost and follow if you love my analysis, you can take a tour on my page to also check out other analysis.
Strifor || USDCAD-Mid-term viewPreferred direction: SELL
Comment: As part of the upcoming weakening of the American currency in the medium term, one of the most promising currency pairs for such a trade is USDCAD . The fall is considered towards the level of 1.35000 , target №2 - 1.34000 .
The more likely scenario №1 still assumes a preliminary update of the maximum, that is, a price movement towards the level of 1.36500. Scenario №2 - more aggressive in terms of sales, and assumes a maximum drop from current prices.
Additional comments on this trade will be provided as situation changes. Follow us!
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EURGBP: Will Start Falling! Here is Why:
It is essential that we apply multitimeframe technical analysis and there is no better example of why that is the case than the current EURGBP chart which, if analyzed properly, clearly points in the downward direction.
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EURGBP I Analysis update & risk management tip Welcome back! Let me know your thoughts in the comments!
** EURGBP Analysis - Listen to video!
We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met.
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EURGBP Breakout and Potential RetraceHey Traders, in today's trading session we are monitoring EURGBP for a buying opportunity around 0.85500 zone, EURGBP was trading in a downtrend and successfully managed to break it out. Currently is in a correction phase in which it is approaching the retrace area at 0.85500 support and resistance area.
Trade safe, Joe.
EURGBP: Short term rebound initiatedEURGBP is neutral on its 1D technical outlook (RSI = 53.577, MACD = 0.001, ADX = 12.005) as it is ranges between the 1D MA50 (Support) and 1D MA200 (Resistance). Having made a Double Bottom on S1 on March 8th, with that level holding since August 23rd 2023, the current rebound is expected to extend to the LH trendline, essentially the top of the Descending Triangle. The Bullish Wave before this one, crossed the 0.5 Fibonacci level and then reversed, which gives us a TP = 0.86400.
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Strifor || GBPUSD-Week StartingPreferred direction: BUY
Comment: The British currency showed resistance against the US dollar last week, but short-term weakening is not excluded (scenario №2) . Medium-term prospects remain in favor of the buyer, and an approach to the level of 1.28000 is still expected.
Scenario №1 is a higher priority, but a potential short-term weakening and fall towards the level of 1.25500 is not excluded. The week will contain a huge amount of published economic data, especially from the USA . Against this background, volatility and big movements can be expected. And despite the potential short-term weakening, the buy-priority still remains in the medium term.
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EURGBP H4 | Bearish reversalBased on the H4 chart analysis, we can see that the price is rising toward our sell entry at 0.8561, which is a pullback resistance that is close to the 38.2% Fibo retracement.
Our take profit will be at 0.8531, a multi-swing low support level.
The stop loss will be placed at 0.8585, a multi-swing high resistance level
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EURGBP What Next? SELL!
My dear friends,
Please, find my technical outlook for EURGBP below:
The price is coiling around a solid key level - 0.8572
Bias - Bearish
Technical Indicators: Pivot Points High anticipates a potential price reversal.
Super trend shows a clear sell, giving a perfect indicators' convergence.
Goal - 0.8550
Safe Stop Loss - 0. 8583
About Used Indicators:
The pivot point itself is simply the average of the high, low and closing prices from the previous trading day.
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WISH YOU ALL LUCK