EURGBP still remains above 0.8300 level I called out a while back which is a significant confirmation that the height of the panic selling during the Russia situation couldn't break this level giving us good support. Euro has not managed to make any significant move up either so it's likely we'll be trading sideways for a while so buy low and sell high.
In short-term EUR/GBP remains neutral at this point. Another decline is mildly in favor as long as 0.8676 resistance holds. Break of 0.8521 will target 100% projection of 0.9324 to 0.8786 from 0.9019 at 0.8481, which is close to 0.8472 key support.
Considering diminishing downside momentum as seen in daily MACD, we’d expect strong support from there to bring...
The 4hr time frame is indicating a move upwards after consolidation is complete, in regards to where the market price is currently at.
If the price goes above 0.90490 then it will confirm upwards movement and signalling a buy for this current pair.
Trading tip: Always insure your RRR is a minimum 2.1, Life's a bitch.. so always sleep with one eye open.
EURGBP reversed off its resistance at 0.89931 where it could potentially drop further to 0.88360.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
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1. Currently the EUR Groups are weak therefore this is a counter trend trade against the EUR GROUP
2. If prices stabilizes above 0.8650, there should be a chance to enter a buy and take it to the top of the 4hr range
3. Waiting for the sellers momentum to die off from both the EUR groups and the EURGBP.
Our preference: position bought above 0.8830 with targets at 0.8860 & 0.8880 in extension.
Alternative scenario: in break of 0.8830, a continuation of the decrease will be envisageable with 0.8815 & 0.8800 in line of sight.
Comment: A support base of 0.8830 was formed and allowed temporary stabilization
I see two double tops and a double bottom forming. I will trade this range based on technicals. However beware of FOMC event, it might abort this range.
We need to monitor this trade closely.
There are 2 potential setups:
1. The price pull back to the resistance zone near 0.87xx and wait for bearish signals to short
2. Zoom into H4 Chart and look for bearish signal to short.
Trade with right risk management as the current risk/reward is only 1.5. :)
Monthly and Daily -
We had a monthly descending triangle which has broken to the upside, we also had a pull-back and a correction in the daily time frame. At the same time we have a bullish flag in formation in the daily frame. Upside is preferred if we break the yellow trend line after another small pull back.
However if we go below the blue line, this would be...
SUMMARY:
The EURGBP pair bounced slightly during the course of the day on Friday, using the 0.8319 level as support. At this point in time, the market is looking bearish. The primary trend of EURGBP is bearish on charts and price is trading below its support trend line in its hourly chart. In its daily chart the price is sustaining below 100 day SMA that are...
We hope that our analysis can help you in your trading. This is an update for EUR/GBP, it is predicting for PRICE BREAKOUT. It would be a great idea to BUY on 0.83001 and place your TARGET at 0.83301
We wish that our precise signals could be favourable on your trades. Its an update for EUR/GBP, Forecast for PRICE BREAKOUT, SELL on 0.76630 and place your TARGET at 0.76355
Here on the EURGBP we are in a range bound market, down at the bottom structure support at the channel we got a Cypher formation forming, we have had a pretty free falling market, with some momentum bars today, which have made RSI go down near the oversold area, so let´s see if we catch price for another run at the range.
Kind Regards
Thomas Jeff
