Categories: Forex Education

EURGBP – Euro Remains a Sell vs Pound

The Euro continued to remain under pressure with all Greece drama surrounding the Euro Zone. The EURGBP pair can be the one to watch out for, as it might present us a nice sell opportunity. There is a band-to-band move on the 4 hours chart, which means a minor correction from the current levels in two ways might be seen as a selling opportunity.

Alternatively, if the pair does not correct higher, and breaks down, then there is a triangle formed on the hourly chart. We can enter a sell trade once the pair closes below the same.

Technical Analysis

H4 – Band-to-band move. Possible continuation towards downside after a short-term correction.

H1 – Wave duplication resistance around 0.7260. Sell Zone.

Entry:
H1 – We can enter a sell trade for the EURGBP pair if it moves lower from the current levels, breaks the highlighted triangle and settles below it.
Target 1: 0.7150
Target 2: 0.7110
Stop Loss: Above the high created before entering into the trade.

Video Explanation:

Yours,
Vladimir

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.