The Euro moved lower against the British Pound, and traded close to the 0.7200 area which represents a major pivot in the near term. Moreover, there is a wave duplication pattern formed on the 4-hours chart, suggesting that buyers might appear to prevent downsides. So, I think we should be looking for a short-term buy opportunity as long as the last low holds.
If the EURGBP pair moves a bit higher from the current levels and then corrects lower, we can plan on entering a buy trade. Overall, buying dips look like a good idea in the near term.
Technical Analysis
H4– Chart highlighting a wave duplication pattern on the 4-hours chart.
Entry:
H1– We can enter a buy trade in the EURGBP pair if it moves a few pips higher from the current levels, and then corrects lower in two ways (as shown in the chart).
Target 1: 0.7300
Target 2: 0.7340
Stop Loss: Break and close below the 0.7180 area
Video Explanation:
Yours,
Vladimir
wpDiscuz
