Categories: Technical Analysis

Double trading scenario in EURGBP

Pair is currently trading in a key zone. If the support area around 0.7640-30 holds, we will be looking to long the pair as it is already under bullish hidden divergence on the H1 chart. However if the support mentioned above is broken, the bearish momentum will probably take place and push the pair lower towards the last low or maybe even new lows around 0.7550-0.7500. Watch the video explanation on the bottom for more details.

Technical Overview:
H1: Bullish hidden divergence, support on the way

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Entry:
Bullish Scenario – If the support around 0.7640/30 manages to hold, pair stops and forms a bullish candle pattern,
we will consider a long position.
Target 1: 0.7730
Target 2: D1 20 MA
Stop Loss: below last low created

Bearish Scenario – In case the pair break the 0.7630 support and holds below it, we will be looking to join a potential down move. Entry on the retest of the broken support or if a pattern is created after the break, we will wait for a break below it. That could be a triangle, wedge, flag etc.
Target 1: 0.7600
Target 2: 0.7550
Stop Loss: above the support 0.7640

Video Explanation:

Have a wonderful day!
Vladimir

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.