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GBPEUR trade ideas

Short to LVL .83500OANDA:EURGBP Hi everyone. Look for shorts. Here is my outlook on price action. 4HR/Daily/W is bearish with LH and LL. Last week ended on the Daily with a massive star doji under major support lvl. Price definitely formed a H&S pattern and the neckline was broken on 4HR and Daily. Neckline was a very reliable support zone with over 20 touches. So to have this price lvl broken is a huge sign that bears are in control. As you can see we also have a bear flag that has formed which is another sign price might continue to fall. I will be looking to short for a 3R profit down to the next major support zone of .83500 once we have break of the bear flag. Please keep in mind that news is looking ok for EUR so price good definitely push back above the support zone later in the week. Have a good week in trading everyone. Remember trading always carries risk.
Short
by RobertTMFX
6
EURGBP Update EURGBP on the 4hr chart is mapping out a P wave. This is a Bullish Continuation Pattern. The problem is, Price and Volume are at Divergence. To breakout , there needs to be considerable Volume. The last 4 hr candle , with a upper shadow breaking the High on last Monday , was on low volume. The RSI in consolidation continues to be Bearish with regular divergence. The P wave is an inducement for traders to go long, but this can't be right when Volume and Momentum are against it.
by Umlingo
EURGBP Long PositionSeasonality Analysis: Historical seasonality trends indicate a bullish pattern for EURGBP during this period. This suggests that the currency pair tends to rise during this time of the year. Trendline Break: A break above a significant trendline indicates a shift in market sentiment from bearish to bullish. This suggests that the buyers are gaining control and the price is likely to continue higher. Price Printing Higher Highs (HH): The price making higher highs is a confirmation of an uptrend, indicating strong buying interest. Enter a long position on EURGBP at a retracement to a key support level, such as a previous resistance turned support, a Fibonacci retracement level 0.618
Long
by SohailChaudhary
1
Market Analysis: EUR/GBP Gains StrengthMarket Analysis: EUR/GBP Gains Strength EUR/GBP is rising and might climb above the 0.8620 resistance. Important Takeaways for EUR/GBP Analysis Today - EUR/GBP is gaining pace and trading above the 0.8500 zone. - There is a short-term contracting triangle forming with support near 0.8570 on the hourly chart at FXOpen. EUR/GBP Technical Analysis On the hourly chart of EUR/GBP at FXOpen, the pair started a decent increase from the 0.8415 zone. The Euro traded above the 0.8465 resistance level to enter a positive zone against the British Pound. The pair settled above the 50-hour simple moving average and 0.8515. The pair traded as high as 0.8618 before there was a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the 0.8416 swing low to the 0.8618 high. However, the pair is stable above 0.8550. There is also a short-term contracting triangle forming with support near 0.8570. The next major support is near the 50% Fib retracement level of the upward move from the 0.8416 swing low to the 0.8618 high at 0.8515. A downside break below the 0.8515 support might call for more downsides. In the stated case, the pair could drop toward the 0.8465 support level. Any more losses might call for an extended drop toward the 0.8415 pivot zone. The EUR/GBP chart suggests that the pair is facing resistance near the 0.8620 zone. A close above the 0.8620 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8650. Any more gains might send the pair toward the 0.8685 level. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
2