Eurogbp
EuroGbp Bullish Trend has been bullish since July 13th.
We are waiting to break and close above 0.9120 to enter a long term trade to the upside and reach to the monthly high in March.
The break out means we are getting back into the channel.
Set your alarm and wait patiently for a break. No break = no trade!
Goodluck.
Don't miss the great sell opportunity in EURGBPTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (0.8975). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURGBP is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 40.
Take Profits:
TP1= @ 0.8925
TP2= @ 0.8875
TP3= @ 0.8825
TP4= @ 0.8795
TP5= @ 0.8685
SL: Break Above R2
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EUR GBP - channel - potential to breakHello traders and analysts,
Here is our take on EUR GBP
COT report:
Long Short Total %Long %Short
GBP 31,267 45,396 76,663 42% 58%
Euro 174,258 86,043 260,301 67% 33%
Technicals:
We have a good opportunity here to break the trendline as the top of the channel was rejected
However - weekly level has not been tested, so we still have an opportunity for a false break and back up.
Rising wedge is forming - where price can reject from the top.
for this trade however we are in short.
Add buy positions if a fakeout of the channel occurs as the channel will create a lower high.
Fundamentals
Coronavirus in the EU and UK - both showing cases in respective countries,
Euro stimulus package has not been agreed so can show signs of strength of GBP if this fails to transpire.
Brexit talks - will send the pound with huge strength once a deal is reached - inverse will send EUR to almost parity if talks end and no deal is reached
Keep a watch for manufacturing orders in Germany and any causes for concern within France, Italy, Germany and Spain which can drag data components down.
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EURGBP - previous outlook How about that trendline - GBP is getting alot stronger with multiple lower highs and lower lows.
Currently the trendline is around 0.839 which has been rejected - Waiting for a long short here.
Bear in mind fundamentals can cause the trendline to be fakedout to the upside or further rejected.
Weekly - bearish
Daily - bearish
4 Hourly - bearish
We have been short, but unfortunately did not position hold on this one.
If you are one of the masters who did! We applaud you for maintaining such a good position.
EURGBP formed a bearish Shark | A good short opportunityThe priceline of Euro / British Pound forex trading pair has formed a bearish Shark pattern and entered in potential reversal zone.
I have used sell zone using Fibonacci sequence as required for shark pattern.
Soon I will post a buy back plan insha Allah.
Sell between: 0.92285 to 0.93955
Regards,
Atif Akbar (moon333)
EURGBP HEAD AND SHOULDER ADVANCED PATTERN FORMING 4HOURPrice action in the hourly time frame is showing us that we have a highly probable Head and Shoulder Pattern forming. The way we execute in this Bearish Market, would be to wait for the breakout of support which is our Neckline. Waiting for Bearish Reversal Confirmation at the pullback of previous structure then executing ourselves into the market after the Conditions in this pair give us reason to enter. Risk to Reward is Optimal for this Trading Idea.
Don't miss the great sell opportunity in EURGBPTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (0.8955). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURGBP is in a range bound and the beginning of downtrend is expected.
. Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
. The RSI is at 26.
Take Profits:
TP1= @ 0.8890
TP2= @ 0.8840
TP3= @ 0.8680
SL= @ 0.9015
A trading opportunity to Sell in EURGBPMidterm forecast:
While the price is below the resistance 0.9305, beginning of downtrend is expected.
We make sure when the support at 0.8965 breaks.
If the resistance at 0.9305 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Trading suggestion:
There is a possibility of temporary retracement to suggested resistance zone (0.9045 to 0.9085). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Beginning of entry zone (0.90450)
Ending of entry zone (0.90850)
Entry signal:
Signal to enter the market occurs when the price comes to " Sell zone " then forms one of the reversal patterns, whether " Shooting Star " or " Peak ", in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about " Entry signal " and special version of our " Price Action " strategy FOLLOW our lessons:
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 53.
Take Profits:
TP1= @ 0.90050
TP2= @ 0.89650
TP3= @ 0.88950
TP4= @ 0.88500
TP5= @ 0.88100
TP6= @ 0.87250
TP7= @ 0.86200
TP8= @ 0.84000
TP9= @ 0.81200
TP10= @ 0.78400
TP11= @ 0.74950
TP12=@ 0.69350
TP13= Free