EURGBP Trade Idea - VideoRegarding the previously posted EURGBP trade idea, this video provides an explanation of the thought process behind considering this trade opportunity.
On the 1-hour timeframe for the EURGBP currency pair, the price has broken through the established structure to the downside. We can observe the formation of lower highs and lower lows, indicating a potential bearish trend. The plan is to look for a short entry on a retracement, targeting the previous low levels as indicated by the chart markup. This information is presented for educational purposes only and should not be considered financial advice.
Eurgbp!
EURGBP:Greeting Traders,
in Daily chart a bearish channel is obvious!
The same thing, but bullish, could be seen in 1h
I think price while regarding the long-term analysis we are bearish, we could take small profits out of a correction.
Just remember this trade is a little more riskier than others.
Take less risk than your normal risk.
Best regards,
Reacting off resistance?The EUR/GBP has been ranging between the 1st resistance and pivot point. The price might rise to pivot and react off the level, then drop towards the support level.
Pivot: 0.85596
Support: 0.85000
Resistance: 0.85722
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EUR/GBP H4 | Resistance overheadEUR/GBP could rise towards a pullback resistance and potentially reverse off this level to drop towards our take-profit target.
Entry: 0.85661
Why we like it:
There is a pullback resistance that aligns with the 127.2% Fibonacci extension level
Stop Loss: 0.85780
Why we like it:
There is a pullback resistance level
Take Profit: 0.85396
Why we like it:
There is a pullback support level
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Market Analysis: EUR/GBP Aims More UpsidesMarket Analysis: EUR/GBP Aims More Upsides
EUR/GBP is gaining pace and might extend its rally above the 0.8550 zone.
Important Takeaways for EUR/GBP Analysis Today
EUR/GBP started a fresh increase above the 0.8535 resistance zone.
There is a major bullish trend line forming with support near 0.8535 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a fresh increase from the 0.8500 zone. The Euro traded above the 0.8525 level to move into a positive zone against the British Pound.
The EUR/GBP chart suggests that the pair settled above the 50-hour simple moving average and 0.8535. There was a clear move above the 50% Fib retracement level of the downward move from the 0.8562 swing high to the 0.8503 low.
Immediate resistance is near 0.8550 or the 76.4% Fib retracement level of the downward move from the 0.8562 swing high to the 0.8503 low.
The next major resistance for the bulls is near the 0.8565 zone. A close above the 0.8565 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8600. Any more gains might send the pair toward the 0.8650 level in the coming days.
Immediate support sits near a major bullish trend line or 0.8535. The next major support is near the 0.8525 zone. A downside break below the 0.8525 support might call for more downsides.
In the stated case, the pair could drop toward the 0.8500 support level. Any more losses might send the pair toward the 0.8460 level in the near term.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
EURGBP Trading IdeaBased on Simple Technical Analysis ( Trendline + Support & Resistance )
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Please be advised that I am not telling anyone how to spend or invest their money. Take all of my analysis as my own opinion, as entertainment, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this page, and they are for educational purposes only. Any action you take on the information in these analysis is strictly at your own risk. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Good luck :-)
EURGBP: Bullish Continuation & Long Signal
EURGBP
- Classic bullish pattern
- Our team expects retracement
SUGGESTED TRADE:
Swing Trade
Buy EURGBP
Entry - 0.8522
Stop - 0.8511
Take - 0.8546
Our Risk - 1%
Start protection of your profits from lower levels
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EURGBP Is Going Up! Buy!
Here is our detailed technical review for EURGBP.
Time Frame: 2h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a key horizontal level 0.849.
Considering the today's price action, probabilities will be high to see a movement to 0.851.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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EUR/GBP: Bearish Breakout from Descending Triangle - Watch for FAnalysis:
EUR/GBP is exhibiting a bearish breakout from a descending triangle pattern. This technical development suggests that the GBP is gaining strength against the EUR. A break below the triangle's support line often precedes an accelerated downtrend.
Supporting this bearish outlook is the Relative Strength Index (RSI) currently trading below 50. This indicator reading signifies weakness in the EUR/GBP pair.
it's crucial to stay updated on relevant economic news that may influence price movements.
Key points:
Descending triangle breakout: This chart pattern is a well-recognized technical indicator for a bearish continuation.
RSI below 50: The RSI is a momentum oscillator, and a reading below 50 suggests weakness in the EUR/GBP pair.
News events: Economic data releases or central bank policy announcements can significantly impact currency markets.
Strifor || GBPUSD-NFP SetupPreferred direction: SELL
Comment: As part of the upcoming strengthening of the American currency , as well as the upcoming NFP , we expect a fall in the GBPUSD currency pair. At the moment, the process of eliminating sellers is being completed, and in the very near future, the market will begin to actively buy at market prices. Thus, this will provide an opportunity for the limit buyer to fix long positions and drop the price. In addition, the area near the level of 1.28000 is a serious obstacle for the buyer, and within the framework of a long-term retest of the indicated resistance, it is most likely that the instrument will go for a correction.
Scenario №2 assumes more medium-term parameters of the trade, if the preliminary upward movement turns out to be significantly greater than what we expect.
We place the downside target at the level of 1.27100 , slightly above the liquid area at the level of 1.27000.
Additional comments on this trade will be provided as situation changes. Follow us!
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Strifor || GBPUSD-Week StartingPreferred direction : BUY
Comment: The British pound continues to be the most promising major currency pair to rise amid so much accumulated selling. Here, we continue to adhere to the previous plan, and events strictly develop according to scenario №2 . The growth target is the level of 1.28000 , or more precisely the area near it, since most likely, as part of a long-term retest of the resistance at the level of 1.28000 , the price will rebound downwards.
It should be noted that the long-term prospects for the British currency will most likely develop above the level of 1.28000 .
Additional comments on this trade will be provided as situation changes. Follow us!
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Strifor || EURUSD-Week StartingPreferred direction: BUY
Comment: We continue to consider the euro in favor of buyers, especially until the target at 1.09000 is crossed. Above this level, there is a target of 1.10000 , which the pair may approach quite easily, since there is an accumulated resource for this. This potential movement will develop within the framework of scenario №1.
Scenario №2 is quite different from Scenario №1 , although the direction of the deal is the same. The reason is that the next potential buying area is 1.07500 , and short trades are not yet considered by us. The likelihood of such an option is unlikely, but it cannot be excluded, and if something happens, we will actively use it.
Additional comments on this trade will be provided as situation changes. Follow us!
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Strifor || AUDUSD-05/03/2024Preferred direction: BUY
Comment: When considering medium-term trades, we continue to adhere to the buy-priority for the AUDUSD currency pair. As expected, right now the instrument is already recording a new local minimum, which we prescribed in scenario №2 . This scenario is now more relevant.
It should be noted that during this week the price will most likely fall towards the level of 0.64500 , however, longs can already be accumulated. The global growth target is located at the level of 0.66000 , but during this trade, we do not rule out an earlier closing near the level of 0.65500 or earlier, depending on what the fall will be.
Additional comments on this trade will be provided as situation changes. Follow us!
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Strifor || GBPUSD-06/03/2024Preferred direction: BUY
Comment: At the beginning of the week, the buy-priority is still relevant for the British currency , however, despite the presence of a limit buyer, a more likely long scenario looks precisely after a small downward correction towards the level of 1.26770 . In this case, a false breakout will be formed as soon as the price returns to previous levels after testing the level of 1.26770 , that is, it returns again to the level of 1.27100 , where the limit buyer is located.
We set the target near the level of 1.27500, since pressing close to 1.28000 will be a rather risky maneuver, there is a high probability of a rebound downwards from this round resistance level.
Additional comments on this trade will be provided as situation changes. Follow us!
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LONG EUR/GBP from .8545I've just gone LONG on this pair for the following reasons.
We've hit WS1 support pivot level and price is now moving away from it.
RSI on H1 was under 30 and now its reading 35.45.
MACD is still lagging behind but the BEARS strength has reduced significantly.
The Andean Oscillator was at zero and has now move away from zero with a reading of .00008.
Price has hit a recent Pivot Point SuperTrend BUY line.
My STOP on this trade is at .8537 which is a minimal 8 pips - this is a hard STOP and will not be adjusted.
Target initially is the WPP mid pivot at .8559 (+14) but if we reach that level and the BULLS are still in control, then I'll adjust the T.P. higher.
EURGBP Expected Growth! BUY!
My dear followers,
This is my opinion on the EURGBP next move:
The asset is approaching an important pivot point 0.8546
Bias - Bullish
Technical Indicators: Supper Trend generates a clear long signal while Pivot Point HL is currently determining the overall Bullish trend of the market.
Goal - 0.8555
About Used Indicators:
For more efficient signals, super-trend is used in combination with other indicators like Pivot Points.
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WISH YOU ALL LUCK
British Pound can rebound up to resistance line of wedgeHello traders, I want share with you my opinion about British Pound. Observing the chart, we can see that the price a not long time ago declined from the 0.8570 resistance level to the 0.8520 support level, which coincided with the buyer zone inside the range. After this price rebounded up from the support level and rose almost to the top part of the range, but soon it fell back and some time traded near the 0.8520 level. Then GBP rose again to the top part of the range, which this movement coincided with the seller zone and at once turned around and fell to the buyer zone. In a short time later price exited from range, broke the support level, and declined to lower even buyer zone. After this, GBP entered to wedge pattern, where it soon made a strong upward impulse from the support line to the resistance line, which is located in the seller zone, thereby breaking the 0.8520 level one more time. Then price made a correction lower resistance level, after which it turned around and in a short time rose back to the resistance line of the wedge. But a not long time ago GBP bounced from this line and declined to support line, after which it recently bounced and started to rise. In my mind, the British Pound can correct to the support line and then rebound up to the resistance line of the wedge. So, for this reason, I set my target at 0.8560 points, which coincided with the resistance line. Please share this idea with your friends and click Boost 🚀