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EUR/GBP Multi-Timeframe analysis (Update) 666.2 PIP Move?Hi Traders EUR/GBP Multi-Timeframe analysis Update H1 CHART ( Bullish ) Target 2 at 0.86964 has been reached. We closed the remaining 50% of our position and now we are looking for the next opportunity to enter the market. Support & Resistances 0.86272 0.86485 0.86155 0.86539 0.85957 0.86697 H4 CHART ( BEARISH ) Conflicting technical signals are indicating towards an unstable market, cautioning us to remain neutral and wait for a stronger trend to develop. Support & Resistances 0.86775 0.86995 0.86402 0.87597 0.85382 0.87903 DAILY CHART ( BEARISH ) Waiting for a retracement higher towards the 0.88602 resistance level in order to reinstate SHORT positions. Next important resistance is the 0.89428 level. Support & Resistances 0.86396 0.88602 0.84878 0.89428 0.82575 0.90841 WEEKLY CHART ( BEARISH ) Target 1 at 0.86142 has been reached. We closed 50% of our position and have moved the stop loss at the lock-in-profits level at 0.88652 . Provided the market conditions will remain the same Target 2 will be reached soon. Support & Resistances 0.88602 0.91750 0.86142 0.93235 0.82759 0.94977
Short
by Avramis
EUR/GBP Approaching Resistance On RetraceAs reported in my previous post on this pair this is now coming close to resistance. The blue line indicates the lowest point of the old support which was obviously broken and now should act as resistance. I want to see this reach this price and rebound lower to the next target. Need to wait for the price to show it is reacting to this level before entering a short but if it plays out as I am predicting then SL can be set just above 0.786 Fibonacci and the TP can be set at 0.84157. Below the TP price is a big support level which the price has been ranging from for the past 4 years. From there price is likely to correct higher and range for a while before there is any chance of a breakout below the support.
Short
by olly48
3
EUR/GBP Multi-Timeframe analysisHi Traders EUR/GBP Multi-Timeframe analysis H1 CHART ( BEARISH ) A high probability, entry signal to go SHORT was given at 0.86671 after the market found resistance at 0.86779 . Only the upward break of 0.86779 would cancel the bearish scenario. Support & Resistances 0.86402 0.86793 0.86182 0.86995 0.85809 0.87182 H4 CHART ( BEARISH ) Waiting for a retracement higher towards the 0.86793 resistance level in order to reinstate SHORT positions. Next important resistance is the 0.86995 level. Support & Resistances 0.86396 0.86793 0.86182 0.86995 0.85809 0.87375 DAILY CHART ( BEARISH ) Waiting for a retracement higher towards the 0.88602 resistance level in order to reinstate SHORT positions. Next important resistance is the 0.89428 level. Support & Resistances 0.86396 0.88602 0.84878 0.89428 0.82575 0.90841 WEEKLY CHART ( BEARISH ) A very low probability, entry signal to go SHORT was given at 0.88652 after the market completed a bull trap reversal pattern. Only the upward break of 0.92906 would cancel the bearish scenario. Support & Resistances 0.88602 0.91750 0.86142 0.93235 0.82759 0.94977
Short
by Avramis
EUR/GBP Wait For RetraceThis hit my TP yesterday, I now want to see this retrace so we can enter another short. When viewing on the weekly and daily timeframes you will see this has been on a big drop without a retrace and we are now at a support level. This is why I feel it is a good time to secure profits and wait for a better position to short again that will take us past the support. I want to see this retrace to at least 0.382 Fibonacci and providing the indicators confirm and price rejects from here we can enter shorts to a target of 0.85959. My ultimate target is 0.83139 which is the bottom of a range this has been in since 2016.
by olly48
EURGBP | Perspective for the new weekMy last publication (see link below for reference purposes) on this pair enjoyed 135pips run in our direction before the rally. Now - Since late December 2020, the EUR/GBP has been rangebound between roughly the GBP0.91150 - 0.89500 level and emphatically respecting a channel. Despite most quarters supporting the appreciation of the Euro considering the unfolding of the pandemic after which Covid-19 concerns in the UK led the country into a stricter lockdown last week... I am looking the opposite with a possible risk of further decline as price breaks down key level @ GBP0.90200. Tendency: Downtrend ( Bearish ) Structure: Breakdown | Supply & Demand Observation: i. The inability of price to break above GBP0.91000 level since Dec 2020 insinuates that buyers might have lost the momentum as we witness a Breakdown of GBP0.90200 last week. ii. Since Breakdown of Key level, a rejection of this level will be my lead in the coming week. iii. A further Breakdown of Demand zone @ GBP0.89000 with significant candle shall increase my confidence in holding the sell position. Trading plan: SELL confirmation with a minimum potential profit of 200 pips. Risk/Reward : 1:3 Potential Duration: 2 to 7 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
1