Tap on liquidity and reversalEURGBP has just tapped on liquidity below the market, the market is likely to reverse from this point for a delivery rebalance.
Chunnel
EURGBPConfluences:
- Strong bullish trend formed with confirmation of higher highs and higher lows
- Dynamic support line has been touched
- The Pound showing weakness whilst the Euro is strong on the currency strength meter
EURGBP Daily trendline break! Keep it simple!EURGBP is about to break this big trendline thats going on for a few months. If it closes above on daily chart there is an opporitunity to go long. SL below latest low, TP at the nearest ressistance.
EURUSD Trading idea August 2019Triple bottom
FED rate cut
Strong rejection of 1.11 support
SSO turning from oversold
Higher lows on RSI
One Good PMI Number Does Not Make A TrendSo many more problems in Europe beyond the fundamentals, mostly political risk. But first and foremost, the fundamentals still trend down. Price action still trends down. Never trade against the trend. This is probably not an inflection point. It could be only if good data continues to come from the EU which the end of the week it did not. If we continue to see upward momentum as next week progresses, then I will be the first to tell you that EURUSD could finally reverse. Brexit also gives much reason to worry, but if there is a long extension then we could see a rally in not only EURUSD, but also cable (GBPUSD) and chunnel (EURGBP).
EURGBP Daily analysisHere's our risk free trade on Chunnel currently running 40 pips in profit with SL moved to entry.
MULTIPLE OPPURTUNITIES ON THE CHUNNEL |DAILY|This gartley bull brings with it a number of possibilities purely based on price action. We see solid support and resistance levels for both short and longterm potential opportunities. Long term, I technically see a downward move to 0.84104 in the next couple of months then potentially continue down to the 0.70000 levels. Short term, it's all about respecting price action -paying attention to fundamentals and of course, the Chunnel is currently bullish :)
Cheers!
New UP Trend for ChunnelI have had my eye on EURGBP for some time now on DEMO, but only with this new UP trend forming have I moved it over to my REAL money account. Let's follow it along.
If you have comments or are following along with the trade... be sure to let me know in the comments. What are you SLs or TPs?
EURGBP Daily PerspectiveHere we have the euro against the sterling. As you can see from the monthly timeframes we are trading below the 200 EMA which portrays we are overall bearish on this pair. However we have acknowledge a formation emerging on the daily TF in confluence with the recent failure of the new lower low and a break of the recent trend lines, could we see the euro gain against the sterling?. We have been previously been creating LH & LL's since May 2015. We have now broken through the current trend lines eyeing up a closure above this and could see a retest of the CTL before continuation towards our long term upside targets. If we see a bearish reversal with confirmation this will open the gateway to short positions. Any views welcome, Don't forget to give us a like and comment. Happy Trading.
