EURGBP Technical Analysis And Forecast

0
127
EURGBP Technical Analysis And Forecast

Hi Traders! EURGBP Technical Analysis And Forecast is here. We do our analysis on the MetaTrader4 platform (MT4), some very interesting, useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club Spoiler alert – free memberships are available!

You can find the video explanation of this idea here

EURGBP H4(4 Hours) Chart Analysis Range Breakout, Higher Highs, Heiken Ashi Candles, Bullish Trend Pattern, ADX Indicator, Strong Support Zones

On the H4 chart, the price which was moving inside a range has currently broken above the top of this range and is holding above it which we may consider as evidence of bullish pressure. Also, the price which is moving higher has created higher highs between the first high that has formed at 0.86179 and the second high that has formed at 0.86416 based on the MACD indicator which we may consider as another evidence of bullish pressure.
EURGBP Technical Analysis And Forecast In addition to this, based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward moving market conditions so it basically reflects a bullish environment.
EURGBP Technical Analysis And Forecast Also, the price which is moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as yet another evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. Also, we had two strong resistance zones and the price which was moving higher has broken above both these zones and is holding above them. Currently these two strong resistance zones are acting as two strong support zones for us. Until both these support zones hold my view remains bullish here and I expect the price to move higher further.
EURGBP Technical Analysis And Forecast

Trading Tips

It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.

Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.

You will also find a pretty extensive database of educational materials here in the blog – just use the search or check out the Forex Education section above.

Not sure how to enter a trade? Spot reversals (bounces)? Not sure how to spot breakouts?

I invite you to

Join Traders Academy Club Now

And improve your trading with us.

Also, you can get one of our strategies free of charge. You will find all the details here

 

If you have any further questions, don’t hesitate to drop a comment below!

 

To your success,

Vladimir Ribakov
Certified Financial Technician

Click To Join Our Community Telegram Group

Advertisement

How to Invest in Amazon

4 Advantages of Amazon Investing - Read More

  • Amazon’s net a bullish 450% 5-year gain
  • Amazon’s ROI is 6x’s the S&P 500 Index of 67%
  • AMZN shares may hit +$10,000 by mid-November 2024
  • Amazon’s growth since IPO tops more than 12,000%

Now is the time to invest in Amazon

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments