Hope you all had a great weekend! I did have a nice and relaxing one, ready to take advantage of all market moves, I have a feeling this week its going to have clearer and smoother moves… we’ll see.

Anyway, one of the currency crosses that I’ll be monitoring this week is the EURGBP. It is trading near an important LT level, but when you take a look at the short term charts, it is trading in a very well defined range, so if I have a chance, I’m going to trade this short term range:

But what if the EURGBP breaks the range? Because it is not going to trade forever in between these two levels, right? Here is the plan:

Once it breaks the top of the range (0.8638) I’ll be looking for long opportunities.

If it breaks the bottom of the range (0.8561) I’ll be looking for short opportunities.

Trade Safe!

Raul Lopez
Forex Training