EURGBP | Long Opportunity with Strong Weekly Support
I'm watching EURGBP on the weekly timeframe as it approaches a strong support zone between 0.8200 and 0.8275 . The pair is currently in a corrective trend, signaling potential upside movement once the correction completes. The support zone has historically held well, indicating a potential rebound.
My stop-loss is placed at a weekly close below 0.8140 to protect against further downside. The first profit target is set at 0.8700, with the second target left open for potential extended gains depending on market conditions.
My stop-loss is placed at a weekly close below 0.8140 to protect against further downside. The first profit target is set at 0.8700, with the second target left open for potential extended gains depending on market conditions.
Trade active
Active and Showing Positive Movement
The trade is now active, with the price successfully bouncing off the support zone. This movement confirms the zone's strength and supports the expectation of a potential reversal following the correction phase. I’ll be monitoring the price action for momentum to build, aiming for an impulsive move as the trend develops.
Patience is key. Let’s see how this plays out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.