EURGBP Analysis: Potential Buying Areas for the Retracement
We had a crazy move on EURGBP last week Thursday that started from the bottom part of the Weekly Demand Zone.
Also note that on the weekly chart, EURGBP has been stuck in a range since 2016 and since that time, this particular Weekly demand zone has been a strong support area. So we should really be focusing on the Up Side now.
There was a Shift in Market Structure (SMS), to Uptrend. Looking at the Weekly Demand Zone, the Main Order Block (OB) is the Blue Rectangle from 0.8280 to 0.8362
In the left side of the photo, In December 2019 and February 2020, whenever price entered the Demand Zone, there was a lot of buying.
Also notice that once the heavy buying starts in the Main OB (Blue Rectangle), price starts going up. Then once price gets to the top of the block, it launches very high like a rocket.
Now this pattern has repeated again last week. The question now is:
We have a Clear Uptrend in EURGBP. We want to buy low. We are waiting for a Retracement. Which area should we be looking to Buy? Where?
To be Continued in a later post. Second Part of this post will be coming up shortly.
Also note that on the weekly chart, EURGBP has been stuck in a range since 2016 and since that time, this particular Weekly demand zone has been a strong support area. So we should really be focusing on the Up Side now.
There was a Shift in Market Structure (SMS), to Uptrend. Looking at the Weekly Demand Zone, the Main Order Block (OB) is the Blue Rectangle from 0.8280 to 0.8362
In the left side of the photo, In December 2019 and February 2020, whenever price entered the Demand Zone, there was a lot of buying.
Also notice that once the heavy buying starts in the Main OB (Blue Rectangle), price starts going up. Then once price gets to the top of the block, it launches very high like a rocket.
Now this pattern has repeated again last week. The question now is:
We have a Clear Uptrend in EURGBP. We want to buy low. We are waiting for a Retracement. Which area should we be looking to Buy? Where?
To be Continued in a later post. Second Part of this post will be coming up shortly.