EURGBP: Bearish Market Condition, short opportunities in play

Written by Raul Lopez on October 7, 2009. Posted in Trades & Analysis

The EURGBP is trading in a medium term range in between 0.9272 and 0.9079, around a 200 pip range. This is very nice range for this cross as it doesn’t move that much. Please take a look at the next chart:

EURGBP

Since the EURGBP was rejected from the long term resistance level, we should be looking for short trading opportunities.

My Trading Plan

As long as the market keeps trading below 0.9241, I will be looking for short trading opportunities. All take profit orders will be placed above the next long term support level around 0.9079

All short trading opportunities will be ignored.

Trade Safe!

Raul Lopez

Tags: EURGBP, EURGBP analysis, Forex Crosses

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Raul Lopez

I've been trading the markets for more than 12 years. All my trades are based on price action. Check out my Coaching program, I can help you develop a system that helps you trade with better results.