As we can see this pairing broke a strong support level of 0.87864 on the weekly chart and then sank.
We can see some possible support coming up at 0.86324, so a chance for a possible long, we will be keeping an eye on it and trade will be sent out to our clients when trade becomes valid.
If you can not see how strong the support at 0.87310 is then you should really go away and learn some more.
We are looking for price to re test this price and bounce, we can see a good level of resistance at 0.89282 which again may act act as a wall and bounce, but we will keep a close eye on this pairing if it did try and test this resistance level.
To sum it...
Just started learning to trade forex and hoping to get some feedback weather i am using the outer/inner TL's appropriately. Any feed back would be great.
I am predicting there will be a third bounce off the upper TL and will be looking to short the coming week.
- Price to retest downtrend and break through purple monthly zone.
- Price to retest the same purple monthly zone as a resistance level
- Waiting for price action confirmation e.g. a bearish engulfing candle close on the 4hr TF, before entering short
- Price to make its way down to lower purple monthly zone.
Through chart analysis im expecting last weeks bearish momentum to again drive the EUR/GBP back down to a weekly 38.2% Fib level before then a potential big push up to create new highs. I love a retest of a broken key level.
What is going on with the European currencies now cab be clearly seen in the GBPUSD dynamics. The cross has lost more than 3% over the last ten trading days and touched a May 2017 low marginally above 0.86 on Friday. It looks like the pair has found a local bottom at this level as the euro turned positive on the day during the European session. However, the...
Here we have a short opportunity we can take on eurgbp. We can see that price is having a hard time breaking above the minor supply zone and therefore we can expect a continuation to the down side. This is a 1:8 Risk:Reward trade.
We are currently looking to take shorts from the 'minor supply zone' as indicated on the chart. we can take profits at the major demand zone indicate on the chart. Long positions should be taken from 0.86970 and 0.86558.
The cross is driven mostly by Brexit headlines these days. The pound looks quite steady despite the controversial signals from the UK. The UK currency advances this month on hopes that the deadline for London to leave the EU will be extended. There are also talks about a second referendum, which gives a lift to sterling as well.
But the uncertainty on this...
price needs to show some sort of direction, i will be monitoring on the 4 hour chart and will be looking out for rejections of the support and trend line to go long and will be entering according to the 1hour chart projected targeted for long trade is 0.906 red box.
If price breaks the yellow box and closes below on the 4hour candlestick i will enter for a short...