EURGBP: Safest zone to buy Long

Euro Fx/British PoundFXCM

Description

⋅ Oct 19, 2019 10:40 AM

EURGBP is very close to 2019's market low.

Pay close attention to 0.847 - 0.854 demand zone.
Bets are very high that we will see a pullback from this area.

Also, it is very easy to protect our position setting our stop just below the identified low.

Target level is based on structure and projection of BC leg.
0.87

Comments

VasilyTrader

⋅ Oct 19, 2019 10:41 AM

Share your thoughts on EURGBP here

abuaremu

⋅ Oct 20, 2019 3:25 PM

@VasilyPonomarev, Personally I agree that 0.84743 is a very solid support zone, especially as it is on Weekly TF. However, is it not possible for the price to reverse before getting to the support zone on AB - CD Pattern, or possibility go beyond the support and move down after testing support 2 or 3 times. Thanks Vasily for your education.

dazzphelan

⋅ Oct 19, 2019 5:45 PM

What are your thoughts on GBPUSD now that the UK MP's have withheld support for Brexit and Johnson has to look for a delay??

VasilyTrader

⋅ Oct 19, 2019 5:49 PM

@dazzphelan, hey
I prefer to stay away from fundamentals when I trade !)