Forex Market Ideas

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.
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.
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.

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.

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To your success,

Vladimir Ribakov
Certified Financial Technician

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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.

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