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
A winning trade feels good. A series of winning trades feels even better. Confidence increases.…
The Forex and commodities markets are entering an interesting phase, with renewed inflation concerns, expectations…
Central banks do more than change interest rates. They also influence financial markets through the…
When traders first learn fundamental analysis, one of the easiest assumptions to make is: Good…
When you open a Forex trade, you may be focused on one thing: Will price…
The Forex market is open around the clock during the trading week, but that does…
