EUR/GBP: bullish signal to take in the smart resistance

harisonhbn9718 Pro Updated   
FOREXCOM:EURGBP   Euro / British Pound
In this analysis, I decide to long EUR/GBP for now.

As first, I will share you some point of my technical analysis perspective to analyze better in this study.

First, I was analyzing in H4 timeframe that EUR/GPB look bullish and we could to forming a market trap and find up the key resistance in £0.8833 GBP. and maybe, this will be the smart point to sell in this point, buy now and then sell in the smart point where institutional could to lead the price and trying to cheat us. But if you see in H1 timeframe, we see as first signal that price action speak us to buy EUR/GBP . and RSI (my prefered indicator) show us that there're a strength that bulls could to reverse the price. And also, in H1 timeframe there're a possible formation of Shoulder Head Shoulder, in case that EUR/GBP don't break out the £0.8384 orthis gray zone, we could to continue drop then. But I believe that Euro will be bullish now.

And also, in Daily timeframe to recall, we see like a bullish hammer , what this mean a reversion of the trend in this zone, as the market structure still bearish that more later as I said, we can to short in the smar point.

For tomorrow we have an important event of the European Central Bank meeting what President lagarde will speak.

If you decide to trade long EUR/GBP . i buy right now in the market price around £0.8764 GBP, Stop Loss in £0.8727 (36 pips) GBP and take profit toward £0.8833 (70 pips)GBP. This will be a risk/benefit 1:2

Good luck!!!

As we got success in long EUR/GBP, was an excellent trade in this week. Menwhile, shorting EUR/GBP at the moment was very good in the smart point. Both was pretty well!!!


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