EURGBP has accelerated today off the back of a stronger euro and a weak pound. Price is now overextended above the upper BB band and has given us this shooting star before closing back just above the 0.236 level.
I would like a better R:R than this current setup, but the 4 touch resistance is likely to act as strong support.
See entry and exits on the chart....
TECHNICAL FORECAST FOR EUR/GBP: BEARISH
EUR/GBP DAILY PRICE CHART
EUR/GBP ATTEMPTS TO SET FOOTING AFTER TUMULTUOUS SELL-OFF
The normally sleepy pair of EUR/GBP has been abnormally active so far in early 2021 trade, driven by a growing divide between the UK and Europe around vaccine progress. The pair did finally start to probe some support a few weeks ago that’s...
We tapped into a previous order block but the rejection has been small, I would like to see a strong rejection here/below before we get involved in buys to target the buy-side liquidity above the resistant area marked.
As reported in my previous post on this pair this is now coming close to resistance. The blue line indicates the lowest point of the old support which was obviously broken and now should act as resistance. I want to see this reach this price and rebound lower to the next target. Need to wait for the price to show it is reacting to this level before entering a...
Like a lot of pairings at the moment this did not make a retrace and continued straight to the next support/resistance level. This touched the next TP price I had set but without the retrace I could not enter the trade.
Now the plan is to wait for a retrace as this is very overbought. A retrace to around 0.5 Fibonacci would be good but we need to see the rebound...
As the UK comes out of lockdown and the economy re-opens I expect that the GBP strength will continue.
Next level is a 4% drop in EURO value against the GBP, 400+ pips, trading from the weekly chart.
My stop levels are large, but will still only be 1/2% risk for me. The total trade is a 2.74:1 risk reward (slightly under my minimum 3:1).
I like the feel of this...
EURGBP is melting like an ice cream on a warm summers day. Second time this week we have taken advantage of the bears on EURGBP. We entered earlier this morning with an entry of 0.86745 and we are currently sitting comfortably in profit. We are going to patiently sit on this pair to hopefully see price reach our Take profit Zone at 0.86089.
This hit my TP yesterday, I now want to see this retrace so we can enter another short. When viewing on the weekly and daily timeframes you will see this has been on a big drop without a retrace and we are now at a support level. This is why I feel it is a good time to secure profits and wait for a better position to short again that will take us past the support....
broke out of correction, retest at previous resistnace. multiple pin bars formed. Sell limit at pin bar OR wait for big bearish candle formed at 1hr. TP1 at previous swing low, TP 2 at daily support
The overall bias on this pair is bearish, however, I will be looking to fade a trade back into the key previous structure before I attempt to sell it off long term.
There is no denying that this pair is creating stepping down structure, however, It is likely that selling traps will be in place.
I assume many would be selling from the break and re-test of the most recent structure, I will be waiting to get involved in sells from the order block just above it.
Price has hit a double top on the 15 min time frame. Tried multiple times to break the resistance on the 5 min timeframe, but failed to do so.
General trend is a downtrend on the 4hr and daily.
We'll see how this churns out.
From first glace at this chart you can see we are in a descending market.
Using the basic Support & Resistance Levels, you can see we are testing a strong level of resistance. In addition to this you can see price wasn't able to break the downtrend and therefore, I do not see any indication of a reversal.
The Stochastic Indicator is also sitting at 55, showing...
A simple lesson on probability.
Go and grab a coin and toss it a few times.
Although you have a 50% win rate for heads, you will still get a consecutive run of tails right?
In fact, with a 50% win rate, its probable you could see 4-5 consecutive tails.
Unlikely, but still POSSIBLE - there could be a chance of seeing 7.
That's why we now plan for...
