EURGBP ShortReadjusted the TPs for my EURGBP short position, splitting my position up into three smaller positions. See previous post for more information about the reasoning. The new TPs are based of fibonacci retracement levels 38.2, 50 and 61.8.
Eurgbpweekly
EUR/GBP overbought on H1 - looking to SELLOn Friday selling EUR/GBP looked a good thing. Price had fallen out of the up channel it was in and had re-tested the channel and failed to break back.. With RSI overbought I was happy to SHORT this pair down to lower levels.
Mondays open saw GBP weaken quite dramatically and even with EUR/USD falling this was not enough to move this pair south - a clear confirmation of the weakness of GBP.
EUR/GBP is now entering an area of strong resistance coming from the lower channel and historical resistance.
We may move a bit higher from here (.7828) and WR1 pivot lies tantalizingly close at .7858 so ideally we'll get a quick spike up and a rapid retreat.
I've a SELL LIMIT at .7857 on this pair with a 20 pip STOP however if we cross the 200 sma on the 1M chart - I'll go SHORT
Forex Analysis and Trading Tips - EURGBP EUR/GBP ( DAILY )
RECOMMENDATION: BUY
SUMMARY:
The secondary trend of EUR/GBP is bullish on charts and price is trading above the trend line in its daily chart. In daily chart the price is sustaining above 200 day SMA and taking support of 50 day SMA indicating uptrend of the pair. It is having an important resistance at the level of 0.7900 and support at the level of 0.7690. If it breaks its resistance level on the upside and sustains above it then we can expect it to show further bullish movement in the pair.
INDICATORS:-
MACD is sustaining in its positive territory indicating the bullish trend in the pair.
RSI is sustaining in its buying zone indicating the upcoming bullish trend in the pair.
STRATEGY:
EUR/GBP is looking bullish on charts for next few trading session. One can go for buy on lower level strategy for this pair for intra day to mid term positions in it.
EURGBP (RP) - Downtrend continueHello Traders!
EURGBP - the downward trend will continue, as soon as EURUSD currency pair falls.
The Daily delta&clusters negative (bearish). We expect the rapid fall at the end of this month.
Best regards, Powerful Traders.
EURGBP Could this be the end of the Monthly correction as well?This is the corrective structure of a weekly impulsive down move. If this breaks up with a motive wave we might be in for a very long bullish trend. If it breaks to the down, it means the correction is still in progress and could go down to the 127% or even 161.8% (overlapping the monthly 76.4%) marked on the chart.
All this is happening around the 61.8% fib retracement of the Monthly wave up.
This is only to have an idea about the longer trends, so we can place our short term orders accordingly.
What do you think?
