Price is rising towards a resistance level which is a pullback resistance that aligns with the 23.6% Fibonacci retracement and could reverse from this level to our take profit.
Entry: 0.85856
Why we like it:
There is a pullback resistance level which aligns with the 23.6% Fibonacci retracement.
Stop loss: 0.85999
Why we like it:
There is a pullback resistance...
OANDA:EURGBP
This is what I call " the price has moved too far too fast" and formed a sharp peak, I doubt that further upward movement is sustainable. I'am expecting a gradual, smooth landing on the support.
It is essential that we apply multitimeframe technical analysis and there is no better example of why that is the case than the current EURGBP chart which, if analyzed properly, clearly points in the upward direction.
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Hey Traders, in today's trading session we are monitoring EURGBP for a buying opportunity around 0.85600 zone, EURGBP was trading in a downtrend and successfully managed to break it out. Currently is in a correction phase in which it is approaching the retrace area at 0.85600 support and resistance zone.
Trade safe, Joe.
*The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
This pair has been in consolidation within a Wyckoff Redistribution. The Upthrust After Distribution (UTAD) has occurred and the markdown of price may be in progress.
This idea is for a short as follows.
1. Enter - .8560
2. Stop - outside consolidation .8600
3. Target - the horizontal resistance 1 ( .8500) near term and longer term the next area of resistance...
EURGBP possible long on D1 demand zone
M demand in control
W demand in control
D1 pending order set @1/3 RR ratio
As always once the market gives a 1/2 RR I will be closing half of my position and bringing the SL to entry, while maintaining the final target at 1/3 from entry
Happy trading
Stay green
Technical Analysis:
The OANDA:EURGBP pair presents an intriguing opportunity for a long position based on the Fibonacci retracement tool and key support levels identified through historical price action.
Scale-in Levels: I have delineated two primary scale-in levels for entry into the trade: the first at the 89% Fibonacci retracement level and the second...
EURGBP has recently bounced from a major support level on the 4-hour timeframe, with the RSI indicator confirming oversold conditions. Additionally, COT data indicates a significant number of financial institutions holding short positions on the GBP. All signs point to a potential bullish trend for the EURO.
📉 Expectations:
We anticipate the pair to re-test key...
A #long trade opportunity recently presented itself on the #europound (#EURGBP) #trading chart 📈.
This is indicated by the #bullish harami candlestick 🕯️ pattern just above the 0.85253 horizontal support level.
This indicates a rejection of the same level, with potential price move in the upward ⬆️ direction (#buy).
Sufficient upward momentum should see price...
EURGBP has been trading in a strong Bearish Trend, having formed a Bearish Flag Pattern which further confirms the continuation of the downward trend.
If the price breaks through the 0.85246 level, it is projected to move close to 0.84590.
Trade Call: Short
Entry: 0.85246
SL: 0.85573
TP1: 0.84920
TP2: 0.84590
*The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
