Tag: EURGBP analysis

I wonder if you are going to be trading for the rest of the week?

We’ve got plenty of important announcements… just to name a few:

Thursday:
GBP interest rate announcement
EUR interest rate announcement
CAD Ivey

Friday
CAD Employment change
USD Non-farm payrolls announcement
EUR Draghi Speaks

Source: www.forexfactory.com

So think again, are you going to trade the rest of the week?

I think I’ll patiently wait for Monday…

Now, here is my update about my trade in the EURGBP:

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Hey trader, hope you are cashing in pips so far this week…

I’ve got a signal to go long on the EURGBP, but before I get into the details, let me talk to you a little bit about a post I did last week.

Last week I wrote about the EURUSD, I thought it was in a bullish condition and it seemed like a good idea to go long.

Just after I published my analysis I received a few emails telling me: if I wasn’t aware of “things” in Europe, how could I recommend going long, it is going to fall like a rock, etc.

You see, I don’t trade the “why”, in fact, for me, I believe that the fundamentals are not important (for trading). Of course I keep track of them, but I never use them to take trading decisions.

There is one principle in Technical Analysis, which is: all information available in the market is reflected in price (included information about fundamentals). Ok?

By the way… the EURUSD did go up:

EURUSD

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If you are not trading the EURGBP you should, because yesterday it broke through an important resistance level triggering a bullish condition.

You know that we always should trade in the direction of the least resistance, and for the EURGBP, since it broke through an important resistance level, it is likely to continue its way up.

Here is the chart:

Here is my plan:

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The EURGPB broke the top of the range

Hey! Hope everything is alright! Are you currently monitoring the EURGBP?

I am, to me, it looks in a very clear bullish market condition, it traded for a while in a not-well-defined range, but since it broke through this level up earlier this morning, I’ll be looking for long opportunities:

I have my next LT resistance level at 0.8549 (my TP orders will be below this level).

What do you think? Let me know.

Trade Safe!

Raul Lopez
Forex Coaching

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EURGBP broke the range

Last Monday I wrote about the EURGBP, it was trading near an important level on the long term charts, and as always, when I talk about LT levels, I’m actually talking about zones. The zone for the EURGBP was between 0.8560 and 0.8368. So in order to start looking for trade opportunities, the market needed to break either side of the range, and of course, I’ll only look for opportunities in the direction of the breakout.

Guess what? The EURGBP already broke through the lower extreme of the range:

So you know what the plan is here right?

I’ll only look for short opportunities. The next LT support level is at 0.8362

Trade Safe!

Raul Lopez
Forex Training

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EURGBP, in a well defined ST range

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

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The EURGBP was rejected from an important LT resistance level around 0.8915, and it is likely to continue its way down until it reaches the next LT support level around 0.8651. It is currently trading at 0.8793 so we still have some room left to get a good risk reward ratio:

I’d like to see a retracement to the top of the range, if I see significant downward pressure around that level, I’ll go short.

I’ll stop looking for short opportunities if the EURGBP breaks 0.8837 for the upside.

Trade Safe!

Raul Lopez
Forex Training

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EURGBP – Long signal

The EURGBP is trading in bullish market condition, last week I wrote about its market condition, it broke through an important LT resistance level. It retraced back to a ST support level a formed a significant pattern with upward pressure:

Here are the details of my order:

Stop Entry: 0.8720
SL: 0.8688
TP: 0.8856

It has a 4.2:1 risk-reward ratio

Trade Safe!

Raul Lopez
Forex Training

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The EURGBP is trading in a bullish market condition, it is clear that the EURGBP broke through an important LT resistance level and it is likely to continue its way up until it reaches the next LT resistance level:

As long as it trades above 0.8664 I’ll be looking for long opportunities.

Trade Safe!

Raul Lopez
Forex Training

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