Eurgbpsignal
EURGBP SELL | Day Trading Analysis With Volume ProfileHello Traders, here is the full analysis for this pair.
Watch strong action at the current levels for SELL GOOD LUCK! Great SELL opportunity EURGBP .
I still did my best and this is the most likely count for me at the moment.
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EURGBP | Perspective for the new week | Follow-UpWith over 350pips in the kitty, the price continues deep lower in our favour since my last publication on this pair (see link below for reference purposes). As the tendency for price finding lower lows increases, I suspect that the Euro risk a further decline in the coming week(s) on the back of the Pound finding "better days"!
In this regard, a very simple set-up here-in reveals a short-term trading opportunity we can take advantage of.
Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Trendline
Observation: i. Buyers loose the grip of pushing the price higher from Demand level GBP0.87500 mid Feb 2021.
ii. Breakdown of Key level @ GBP0.87500 followed by a rejection of this level last Friday with "shooting stars" pronounces a the strength sellers have at this juncture in the market.
iii. Bearish Trendline: The line drawn over pivot highs (Pivots I, II & III on the chart) reveals the prevailing direction of price action.
iii. I am expecting the recent lower lows to transpose into an ABCD pattern with parameters explained below;
a. Leg A-to-B is expected to be in harmony with the potential C-to-D leg.
b. The B- to-C leg at 61.8% (with a possible 78.6% in the future) Fibonacci retracement of the A-to-B leg.
c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext. of the A-to-B move @ GBP0.84500 area.
iv. In the coming week(s); the GBP0.86750 level will be regarded as a yardstick to maintain my Bearish expectations on this pair.
Trading plan: SELL confirmation with a minimum potential profit of 220 pips.
Risk/Reward : 1:5
Potential Duration: 7 to 12 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
EUR/GBP Multi-Timeframe analysis (Update) 666.2 PIP Move?Hi Traders
EUR/GBP Multi-Timeframe analysis Update
H1 CHART ( Bullish )
Target 2 at 0.86964 has been reached. We closed the remaining 50% of our position and now we are looking for the next opportunity to enter the market.
Support & Resistances
0.86272 0.86485
0.86155 0.86539
0.85957 0.86697
H4 CHART ( BEARISH )
Conflicting technical signals are indicating towards an unstable market, cautioning us to remain neutral and wait for a stronger trend to develop.
Support & Resistances
0.86775 0.86995
0.86402 0.87597
0.85382 0.87903
DAILY CHART ( BEARISH )
Waiting for a retracement higher towards the 0.88602 resistance level in order to reinstate SHORT positions. Next important resistance is the 0.89428 level.
Support & Resistances
0.86396 0.88602
0.84878 0.89428
0.82575 0.90841
WEEKLY CHART ( BEARISH )
Target 1 at 0.86142 has been reached. We closed 50% of our position and have moved the stop loss at the lock-in-profits level at 0.88652 . Provided the market conditions will remain the same Target 2 will be reached soon.
Support & Resistances
0.88602 0.91750
0.86142 0.93235
0.82759 0.94977
EUR/GBP Approaching Resistance On RetraceAs 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 short but if it plays out as I am predicting then SL can be set just above 0.786 Fibonacci and the TP can be set at 0.84157.
Below the TP price is a big support level which the price has been ranging from for the past 4 years. From there price is likely to correct higher and range for a while before there is any chance of a breakout below the support.