Hello traders
welcome again. Here is a follow up with my last Eurgbp daily buy signal which I posted few weeks ago.
Today, we discuss the monthly chart of this pair. And as you can see the market is, as identified, in the 2nd phase which consists of a price channel , and expanding channel and a resistance Arc. Now price is approaching the ARC's strong support where it has been a bullish counter trend. I expect strong bullish reactions on at exactly around 0.8267 price mark, And a tight stoploss on this trade @ 0.82330. This is a counter trend trade so I expect price will be aggressive to the up side if it goes as planned. Price is still a few pips away but trade can be placed right about now.
There is also an incomplete big bearish wave which is forming hence why the pair has been very bearish for the last couple of months(as you can see price retested the channel to push downwards in this case) and this pair making lower highs regardless. And that's why TP(0.864) has been set moderate, ofcourse you can hold long if you wish!
This is just my opinion hope it helps. I have been following most of these pairs for over a year so i've not just come up with this analysis!
Use reasonable risk. But this is also a good swing trade as i expect price to be bullish for the next 2/3 days!!
Good luck. Entry 0.8267
Stop Loss. 0.82330
TP: 0.8678
BUY SIGNAL
welcome again. Here is a follow up with my last Eurgbp daily buy signal which I posted few weeks ago.
Today, we discuss the monthly chart of this pair. And as you can see the market is, as identified, in the 2nd phase which consists of a price channel , and expanding channel and a resistance Arc. Now price is approaching the ARC's strong support where it has been a bullish counter trend. I expect strong bullish reactions on at exactly around 0.8267 price mark, And a tight stoploss on this trade @ 0.82330. This is a counter trend trade so I expect price will be aggressive to the up side if it goes as planned. Price is still a few pips away but trade can be placed right about now.
There is also an incomplete big bearish wave which is forming hence why the pair has been very bearish for the last couple of months(as you can see price retested the channel to push downwards in this case) and this pair making lower highs regardless. And that's why TP(0.864) has been set moderate, ofcourse you can hold long if you wish!
This is just my opinion hope it helps. I have been following most of these pairs for over a year so i've not just come up with this analysis!
Use reasonable risk. But this is also a good swing trade as i expect price to be bullish for the next 2/3 days!!
Good luck. Entry 0.8267
Stop Loss. 0.82330
TP: 0.8678
BUY SIGNAL