The Euro was seen performing better compared to the British Pound, and as a result there was an upside move noted in the EURGBP pair. The pair managed to clear an important resistance zone, which might later act as a support to the pair. So, I think buying dips remain a good option in the near term, as long as the pair is above the 0.7090-0.7110 area.
The German import price index was released today, which was better than the forecast, helping the shared currency to gain some momentum.
Technical Analysis
D1 – EURGBP might head towards 0.7200 where we might look to sell.
H4 – Important resistance area cleared around 0.7090-0.7110 which might now act as a support.
Entry:
H1 – We can enter a buy trade for the EURGBP pair once the pair corrects or moves lower towards 0.7090-0.7110, and remains above it.
Target 1: 0.7160
Target 2: 0.7180
Stop Loss: A 4H close back below the 0.7080 support area.
Video Explanation:
Yours,
Vladimir
