FX:EURGBP   Euro / British Pound
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Good morning traders,

EURGBP seems ready for a short term rally, There are 4 arguments :

Ascending Trend Line
>200 MA
4 consecutive days > 0.833
H&S formation ?

SL @ 0.833 on a daily close and target of 0.86 area
6 Trading Rules :

1. Never add to a losing position .
2. Don´t be the first to buy low and sell high ., and don´t be the last one to exit
3. Think like a fundamentalist, trade like a technician .
4. Keep your analysis simple
5. Start small and increase exposure when trend is confirming your analysis
6. The hard trade is the right trade

Have a great week !!

Josep Pocalles
Trade closed: target reached: I´m closing the trade and the year . Happy New Year !!
Thanks for your great analysis!
Here is my view on EUR/GBP if you are interested:

Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones. If you look at the Cummulative volume on the right you can see two main volume areas. The higher one was formed by cummulation of short trades that went into a strong sell-off. If the price comes there again there is high probability that the sellers will become active again.
Support around 0.8544 is very strong because it lies exactly at at a place where the heaviest volumes of the day were created. From this place the price shot higher indicating strong buyers in this area.
If trading those levels be extra carefull and dont trade during strong GBP news.

If you are interested there are more Market profile swing and intraday analysis in my profile page. You are very welcome there!
Dale
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