EURGBP ELLIOT WAVE ANALYSIS VIEW:
EURGBP has been in down trend for a while ; now showing some symptoms in the lower time frame (2hr) as if its ready for a bounce as per Elliot Wave Analysis.
STRUCTURE/PATTERN/ Technical Event:
# Impulse(1-2-3-4-5)+ correction sequence;
# Trendline breakout possibility near invalidation point or near demand zone
# Accumulation symptoms near Demand Zone.
Trading plan:
#for seasoned traders:
Entry with breakout confirmation with SL below "Invalidation point".
one can exit if trades single lot @ first target; multiple lots can be exited 70% at the 1st target and the remaining @ the 2nd target
Risk Management:
never risk more than 2% of one's trading capital....for the entire trading portfolio....
Good luck
Eurgbp!
It's a great buy opportunity in EURGBPTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (0.8595). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURGBP is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 55.
Take Profits:
TP1= @ 0.8678
TP2= @ 0.8740
TP3= @ 0.8800
TP4= @ 0.8878
TP5= @ 0.8958
SL= Break below S2
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💡Don't miss the great sell opportunity in EURGBPTrading suggestion:
". There is still a possibility of temporary retracement to suggested resistance line (0.8794).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. EURGBP is in a downtrend and the continuation of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 31.
Take Profits:
TP1= @ 0.87460
TP2= @ 0.87200
TP3= @ 0.86830
TP4= @ 0.86360
TP5= @ 0.85840
SL: Break Above R2
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EURGPBThe Euro Pound is based on strong support in the monthly time, which will increase the price to the daily resistance. Our team's advice is to be patient and enter the sales in the daily resistance according to our team's signal.
Note that when your trades are profitable, be sure to save profit and risk and do not wait to reach potential targets, because the price may be affected by monthly support and the market trend may change in general.
💡EURGBP Second Chance: Profit=612 SL=136 Reward/Risk > 4.5:1Second Chance Trade Setup summary:
Profit targets= 612 = {TP2 = 57 + TP3 = 105 + TP4 = 160 + TP5 = 290}
Stop Loss = 136 pip
Reward/Risk > 4.5 : 1
New Trading suggestion:
". There is still a possibility of temporary retracement to suggested support line (0.9000) again.
if so, traders can set orders based on Price Action and expect to reach short-term targets."
New Take Profits:
TP2= @ 0.9057
TP3= @ 0.9105
TP4= @ 0.9160
TP5= @ 0.9290
SL= Break below 0.8965
--------------------------------------------------------------------------------------------------
Current Status of First Buy:
Total Profit: 463 pip
Closed trade(s): 183 Profit
Open trade(s): 280 Profit
Trade Setup:
We opened 5 BUY trade(s) @ 0.8937 based on 'previous Forecast' at 2020.12.01 :
Closed Profit:
TP1 @ 0.9000 touched at 2020.12.01 with 63 pip Profit.
TP2 @ 0.9057 touched at 2020.12.02 with 120 pip Profit.
63 + 120 = 183
Open Profit:
Open trade is 0.9007 (current price) - 0.8937 (open price) = 70 pip
4 trade(s) still open, therefore total profit for open trade(s) is 70 x 4 = 280
Technical analysis:
. EURGBP is in an uptrend and the continuation of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 55.
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💡 Don't miss the great buy opportunity in EURGBPTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (0.8918). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURGBP is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 75.
Take Profits:
TP1= @ 0.9000
TP2= @ 0.9057
TP3= @ 0.9105
TP4= @ 0.9160
TP5= @ 0.9290
SL= Break below S2
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ForecastCity English Support Team ❤️
Forecasting a Future of EUR/GBP with the bearish EWTEUR/GBP made here a bearish Elliott wave. I have applied the moving average also to forecast the trend. In the fifth wave, there is a symmetrical triangle . After the ABC correction, there is a hurdle at 0.8930 . Right now, the trend is moving under the hurdle . It is a bearish Elliott wave pattern. Therefore, it will fall more up to the target of 0.8816 .
But there is a possibility of the double bottom pattern the trend can rise, and it can break a hurdle . If the trend crosses the hurdle, it will hit 0.8960 .
💡Don't miss the great buy opportunity in EURGBPTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (0.9035). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURGBP is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 56.
Take Profits:
TP1= @ 0.9070
TP2= @ 0.9115
TP3= @ 0.9156
TP4= @ 0.9215
TP5= @ 0.9290
SL= Break below S2
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ForecastCity English Support Team ❤️
Don't miss the great sell opportunity in EURGBPTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (0.9145). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURGBP is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 27.
Take Profits:
TP1= @ 0.9115
TP2= @ 0.9085
TP3= @ 0.9065
TP4= @ 0.9035
TP5= @ 0.8970
SL: Break Above R2
❤️ If you find this helpful and want more FREE forecasts in TradingView
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💎 Want us to help you become a better Forex trader?
Now, It's your turn!
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Trade well, ❤️
ForecastCity English Support Team ❤️