FOMC is behind us so we can expect the market to start moving a bit nicer at least until NFP next week. Today’s trading opportunity that i want to focus on and share with you is in EURGBP. Pair has broken the trend line and i think this time we are going to see the double wave cycle up well recognized on the H4 chart. This is way, the plan to go long is to buy dips after double wave correction. Technically the pair should reach the last high of the H4 chart around 0.7375 and then 0.7450 or so.
Technical Analysis:
H4 – potential wave duplication up, down trend line broken
H1: bearish divergence
Entry:
H1 – Everything comes in place. The down trend line was broken. We can see higher highs and bearish divergence. That means that there is bearish pressure and we should see dips soon. Follow the H1 chart for a double move correction to the down side, ideally with hidden bullish divergence to go long.
Target 1: 0.7375
Target 2: 0.7450
Stop Loss: below last low created
Video Explanation:
Yours,
Vlad
