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
The world’s biggest technology companies drove a rebound in stocks ahead of Apple Inc.’s earnings, with Wall Street also gearing…
Hi Traders! Oil technical analysis and short term forecast post is here. We do our…
Hi Traders! NZDJPY short term forecast follow up and update is here. On February 27th…
Hi Traders! EURNZD technical analysis and short term forecast post is here. We do our…
Hi Traders! GBPCAD short term forecast update and follow up is here. On February 7th,…
Hi Traders! Litecoin technical analysis and short term forecast post is here. We do our…