Eurgbpbuy
EURGBP - FUNDAMENTAL AND TECHNICAL VIEW#EURGBP
- Currently the MARKET SENTIMENT for EURGBP is slightly on the UP SIDE. The main reason for that is the POSITIVE RISK SENTIMENT for EUR. Also, even if BOE RATE HIKE, we were not able to see BOE's intervention.
The reason for a POSITIVE SENTIMENT in EUR is that the USD has been quite WEAK in recent weeks. But a good UP SIDE BIAS is coming for EUR now with the MARKET SENTIMENT. Due to this reason, all MARKETS including STOCKS can be seen to be UP due to MARKET RISK being ON. It affects the EUR in a big way. The ECB did a RATE HIKE. BOE also did a RATE HIKE last week.
- EURGBP can definitely go up to the RESISTANCE LEVEL above. Due to USD WEAK, EUR may be quite STRONG. Accordingly, EURGBP can go up slightly until the 0.8916 LEVEL. And after that EURGBP can SELL to 0.8600 LEVEL. The given STRUCTURES should be BREAKED for that...
EURGBP: I will look for Buys if a Reversal set-up comes.EURGBP Tech. Analysis: Elliott Wave & Harmonics.
* Harmonics Pattern: Bullish Cypher
* Elliott Wave Pattern: Running/Expanded Flat in (B) (red)
* Supply Zone
* Fibonacci Extension & Fibonacci Retracement: Confluence
EURGBP Long: My Trade on the FED Press Conference (FOMC/FRED)
* Entry @ 0.85100
* SL @ 0.81500
* TP @ 0.91985
This is a trial trade for a potential swing and add longs thing.
Many pips ahead,
Richard, the Wave Jedi.
EURGBP Swing Trade Long We can see a change in market structure on the daily chart by the breakout of the key level. This is followed by the breakout of the falling wedge pattern. With these two confirmations we can expect price
to move in a bullish direction. We also expect a potential return 25% on this swing trade, depending on risk taken per trade as well as target reached. The expected hold time is anywhere from 3 to 4 weeks
EURGBP LongWhen we move onto the weekly time frame. We can see a sharp moved took place around the week of the 29th of August. This resulted the price breaking a weekly structural level
which has been holding steady since around May of 2021. This combined with the breakout on a falling wedge pattern on the daily time frame add to our narrative of looking to go
long on the EURGBP pair. We expect a return of between 13 %to 17% depending on how much you are willing to risk per trade.