EURGBP: Long opportunities in play

Written by Raul Lopez on September 15, 2009. Posted in Trades & Analysis

The EURGBP traded in a tight range in between 0.8817 and 0.8721 for almost three weeks, but now, it broke the long term resistance and it is trading in a strong bullish market condition. Please take a look at the next chart:

EURGBP

Its likely that the EURGBP will reach its next long term resistance level around 0.9019.

My Trading Plan:

I will look for long trading opportunities and will set all my TP orders below the next resistance around 0.9019.

Al short trading opportunities will be ignored.

Good luck!

Raul Lopez

Tags: crosses, EURGBP, EURGBP analysis

Trackback from your site.

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.