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Eurgbptrend

EURGBP right on major resistance, potential drop!EURGBP is now testing major resistance at 0.8911 (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance) and a strong drop could occur from this level to push price down to 0.8747 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support). Stochastic (55,5,3) is seeing major resistance at 95% where a corresponding reaction could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
EURGBP Midterm Trading StrategyEURGBP Midterm Trade Strategy We have entered a short trade and it is running as predicted. As seen on the chart, following the short-term support, the trendline is broken as well. The main support is 0.87400. On the fundamentals side, GBP is much stronger than EUR. Currently, the pair is trading at 0.87782. We may see some correction of 10-15 pips. Those levels can be used as adding short orders with the target 0.87400. If the price breaks below the 0.87400 support, we will add short orders targeting 0.86900 and 0.86700. We will follow the fractal peeks line and MM levels.
Short
by chartreader_pro
EURGBP is reacting nicely off major resistance,bearish potentialEURGBP has reacted nicely off major resistance at 0.8911 (Fibonacci retracement, horizontal swing high resistance) and a strong reaction could continue from this level to push price down towards 0.8747 support (Fibonacci retracement, horizontal swing low support). Stochastic (55,5,3) is seeing major resistance at 95% where it reacted nicely off. Huge downside potential for a further drop. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
EURGBP testing major resistance, potential reversal!EURGBP is now testing major resistance at 0.8911 (38.2% Fibonacci retracement, horizontal swing high resistance, Fibonacci extension) and a strong reaction could occur at this level to push price down to at least 0.8747 support (Fibonacci retracement, horizontal swing low support). Stochastic (21,5,3) is seeing major resistance at 95% where a corresponding reaction could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
1
EURGBP right on major support, prepare for a bounce!EURGBP is now testing major support at 0.8766 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) and a bullish bounce could occur at this level pushing price up to at least 0.8914 resistance (Fibonacci retracement, horizontal swing high resistance). Stochastic (21,5,3) is seeing major support above 4.3% where a corresponding bounce could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
1
EURGBP back to major support, potential upcoming bouncePrice is back to major support at 0.8842 (Fibonacci retracement, horizontal overlap support) and a strong bounce could potentially occur at this level to push price up to at least 0.8972 resistance (Fibonacci extension, channel resistance, horizontal swing high resistance). Our next major leve of support is at 0.8786 (Fibonacci retracement, swing low support). Stochastic (34,5,3) is seeing major support above 4.3% where a potential corresponding bounce could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
EURGBP approaching channel resistance, keep an eye out on this!EURGBP is approaching major channel resistance at 0.8972 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, channel resistance) and a strong reaction could occur at this level to push price down to at least 0.8842 support (Fibonacci retracement, horizontal overlap support). Our next major level of resistance is at 0.9027 (major swing high resistance). Stochastic (34,5,3) is seeing major resistance below 98% and a corresponding reaction could occur at this level. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
1
EURGBP - Almost at Triangle's ApexAs we can see EURGBP is moving towards the apex of this descending triangle. Those with a Bullish bias seem to be holding strong at the 0.87500 key support level, but they seem to be consistently pushed back by the descending trendline of the triangle pattern. Eventually the triangle will no longer be able to contain price, and we will look for 1 of 3 scenarios: 1) Bullish break out of the triangle. If the breakout is strong enough this could put 0.93000 in play as an extended target. 2) Continued choppy & sideways movement. This would be the least desirable outcome as we will have to wait to see if a new range develops clear high and low points. My personal bias is that if we do get a choppy break of the triangle pattern the range of pips in the short-term will not make this pair worth trading. 3) In my analysis this is the most likely outcome: we will see a breakdown of the current triangle pattern and fall back into the previous corrective/balancing structure that began to form back in December 2016. This range can definitely be traded and would most likely be bounded between 0.87500 on the high side (the previous support line of the triangle, now should function as resistance) and 0.83500 on the low side (a previously key area of support going back to July of 2016). This corrective structure is indicated by the blue rectangle.
by ImreSG
EURGBP Fails to Retake 0.8980From here I favor a move back toward the September low at 0.8744. A break below that would target the 0.8600 handle and perhaps even the current 2017 lows near 0.8370. Keep in mind that all of this is unfolding following the break of channel support on September 12. That was a significant breakdown in the sense that it ended the uptrend which began in May. The 0.8880/90 area could also attract a few bids on the way down. In fact, I’m seeing it happen as I write this post. But this could also offer an opportunity to get short if you missed an entry during yesterday’s selloff. Of course, we’ll have to see how price reacts to the 0.8880/90 area to know for sure. And since today is Friday, it might be a good idea to wait until Monday to make a decision. That way you aren’t exposing your account to the possibility of a weekend gap. As always, the decision is yours. My preference is to continue to watch for selling opportunities for an eventual retest of last month’s low at 0.8744. And because of the September 12 break of channel support, my bias will remain tilted toward the current 2017 lows near 0.8370. It would take a daily close above 0.8980 to alter my bias. Source: bit.ly
Short
by Daily-Price-Action