Short on EURGBPEURGBP
sell @ 0.86315
SL 0.8660
TP 0.8570
Use proper risk management
Move SL to breakeven and further to secure your profit
GBPEUR trade ideas
EURGBP : is this the time to do 1-2-3-4-5 for upside ?After a whole 1 year from march 2020 to april 2021 , the currency pair EURGBP has shown a corrective structure of three waves , Wave- a , wave-b as a triangular wave, and wave- c of impulse decline. The weekly price action suggests that there is quite bullish reversal chances from the recent bottoms. The evidence can be considered with the help of Bullish reversal candlestick pattern : THREE LINE STRIKE , a channel breakout & a higher higher highs & higher lows in the lower time frame.
One can go long on EURGBP for the targets of 0.88 to 0.9 in the coming weeks.
💡Don't miss the great buy opportunity in EURGBPTrading suggestion:
There is a possibility of temporary retracement to the suggested support line (0.8555).
. 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 59.94.
Take Profits:
TP1= @ 0.8670
TP2= @ 0.8785
TP3= @ 0.8860
TP4= @ 0.8940
TP5= @ 0.9000
TP6= @ 0.9070
SL= Break below S2
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EUR/GBP BULLISH FOR SWINGW BOTTOM PATTERN FORMED , NICE SWING TRADE IF NECKLINE IS BROKEN . TARGET WOULD BE .87125
SWING TRADES FOR EURGBP WeeklyEntry : 0.83467
SL : 0.82412
TP : 0.89873
If You liked the analysis and if it works for you do reply.
It will make my day.
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
