EURGBP Trading Plan

Written by Raul Lopez on May 20, 2009. Posted in Trades & Analysis

Earlier today I thought the EURGBP was getting ready to bounce back from its main support level (it has been trading in a range since the 19th of April). But things have changed a little since this morning; please take a look at the chart below:

EURGBP

The EURGBP is now trading below the main support level of 0.8784, this means that we need to be looking for short opportunities in the short term charts. Take profit orders will be placed a little above the next support level of 0.8645.

Remember:

Green levels: Short term S&R levels
Blue levels: Long term S&R levels

Good luck!

Raul Lopez

Tags: EURGBP

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Raul Lopez

I've been trading the forex market for more than 11 years. All my trades are based on price action. Check out my Forex Coaching program, I can help you develop a system that helps you trade consistently.