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Eurgbp4h

EURGBP H4 Potential SetupThis morning we saw a close of a Bullish Engulfing which was followed by a slight rejection just above the monthly resistance level of 0.89430 . The EUR has continued this fall this evening however it being a Friday can produce unpredictable signals, we may see that the Bullish Engulfing does prove to be a turning point of the short downtrend this afternoon and see it climb to the upside of around 0.8990 mark. Here it would meet the daily falling trendline which is where I will be watching, will it reject or break through? I will need this confirmation either way before I jump in as the trendline is not as strong as I would like to see. Monday we have a speech from Draghi so we could see some early week movement on this pair, depending on dovish or hawkish it may take this to the D1 trendline but we shall see.... GBP news is pretty quite until Thursday so I will be looking at making a decision early part of the week on where this pair is going to head, then getting out to re-assess before a very busy economics day for both currencies on Thursday. We have the RSI at a nice level but the Stoch at a turning point, so will be patient with this and see where it begins to head. Appreciate everyone's feedback and thoughts so don't be shy, I need to be told right or wrong either way!
by JordanWillson
1
EURGBP Short opportunity low riskwait for priceaction to show it's path and be patient to enter the trade. if priceaction won't show enough evidence of a down trend, don't enter. look for priceaction on the 1h chart. the EMA200 and EMA50 are slowly entering "the golden cross" which is a strong indicator for showing a big possibly change in the trend. the trend is currently at a "fighting/ resistance zone" so it is very possible to go either way. if it breaks the resistance zone i will be looking for a long opportunity at tp 0.92711 and SL beneath the resistance zone.
Short
by SimonHG
4
EURGBP : Potential Short Is ComingHi Guys. I see now a potential Short position for this pair as it's now heading to Strong Key Level. Could be retracement or reversal so watch out the PA after short order is triggered. I can't see any targets for the short entry right now. After it's trigger than I can see the next move either a short retracement or complete reversal. I would put the order on the exact RED horizontal line. It could be touch and drop as it shown in previous setup on EJ and EU. We will see.. Good luck for your trade. Don't forget your MM and R/R consideration when open the positions. Happy Trading
Short
by scandicfx