🌟🎯 "Analysis of the EURGBP: Return to the Box" 🔍📈
💹 Let's review and update our previous analysis of the EURGBP currency pair returning to the box.
🕰️ In higher time frames, we are still observing a range-bound movement, similar to lower time frames. This type of logical oscillation is expected given the policies of the UK and Europe, resulting in minimal fluctuations between these currencies.
🌟 As previously mentioned, there was a possibility of opening a long position after breaking the box ceiling at 0.85826. However, it was advisable to refrain from entering at that point. After the sharp loss of that resistance, we anticipated the initiation of an upward movement.
📊 Subsequently, after hitting 0.86454 and witnessing the presence of sellers along with the appearance of red candles, we re-entered the box with the onset of a downward movement. Notably, we observed a beautiful reaction at the 0.85310 support level. Now, let's examine and analyze entry points for new positions.
📈 For a long position, we have an early entry trigger at 0.85638. This would be our entry point if we lose the box ceiling again, but it carries some risk. Returning to the box ceiling may result in a potential stop loss.
💰 Alternatively, for a long position, it's prudent to wait for the box ceiling to break. If we lose the 0.85826 line, we can consider opening our long position.
📉 Our support level is clearly defined for a short position, with an entry point at 0.85310 being a logical and suitable choice. If this level is breached, we can open a short position for the long term. It's advisable not to set stops too aggressively and to adjust them according to Dow Theory principles.
🔑 Additionally, as mentioned in the previous analysis, employing a range trading strategy could involve moving to lower time frames when observing a reaction at the box's top or bottom. If the initial entry trigger is missed, a combination of reaction and box breakage can be used to open a position, particularly for range traders.
📆 Lastly, today marks the end of the week, and I hope you've had a profitable week. Use this analysis for the upcoming week, as Friday is typically known as settlement day!
🛡️ Our upcoming support levels are 0.85310, 0.85, and 0.84545, while our resistance levels are 0.85826, 0.86160, and 0.86454.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
🕰️ In higher time frames, we are still observing a range-bound movement, similar to lower time frames. This type of logical oscillation is expected given the policies of the UK and Europe, resulting in minimal fluctuations between these currencies.
🌟 As previously mentioned, there was a possibility of opening a long position after breaking the box ceiling at 0.85826. However, it was advisable to refrain from entering at that point. After the sharp loss of that resistance, we anticipated the initiation of an upward movement.
📊 Subsequently, after hitting 0.86454 and witnessing the presence of sellers along with the appearance of red candles, we re-entered the box with the onset of a downward movement. Notably, we observed a beautiful reaction at the 0.85310 support level. Now, let's examine and analyze entry points for new positions.
📈 For a long position, we have an early entry trigger at 0.85638. This would be our entry point if we lose the box ceiling again, but it carries some risk. Returning to the box ceiling may result in a potential stop loss.
💰 Alternatively, for a long position, it's prudent to wait for the box ceiling to break. If we lose the 0.85826 line, we can consider opening our long position.
📉 Our support level is clearly defined for a short position, with an entry point at 0.85310 being a logical and suitable choice. If this level is breached, we can open a short position for the long term. It's advisable not to set stops too aggressively and to adjust them according to Dow Theory principles.
🔑 Additionally, as mentioned in the previous analysis, employing a range trading strategy could involve moving to lower time frames when observing a reaction at the box's top or bottom. If the initial entry trigger is missed, a combination of reaction and box breakage can be used to open a position, particularly for range traders.
📆 Lastly, today marks the end of the week, and I hope you've had a profitable week. Use this analysis for the upcoming week, as Friday is typically known as settlement day!
🛡️ Our upcoming support levels are 0.85310, 0.85, and 0.84545, while our resistance levels are 0.85826, 0.86160, and 0.86454.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
