Categories: Technical Analysis

EURGBP Next Leg Higher Underway

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.

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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

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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.