EURGBP: Looking for short opportunities

Written by Raul Lopez on . Posted in Trades & Analysis

The EURGBP just entered into a bearish market condition. It traded for 3 days in a short term range in between 0.8823 and 0.8776 (because it was trading at an important long term resistance level – blue line). Please take a look at this chart:

EURGBP

EURGBP

So, we will have a bearish market condition as long as the market continues to trade below the short term range.

Here is my trading plan:

As long as the market continues to trade below 0.8776, I will look for short trading opportunities, targeting the next long term support level at 0.8649.

All long opportunities will be ignored.

Good luck

Raul Lopez

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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.
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Raul Lopez Forex

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I like to trade using simple tools such as support and resistance levels, candlesticks, price action and others. If you like simplicity, you'll love my Forex Coaching. Read more about me.

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