The EURGBP is trading in a short term range around a LT important level, I’m currently waiting for the market to break either side of the range and I’ll start looking for trade opportunities in the direction of the breakout:
Important levels:
Next LT support level: 0.8378
Next LT resistance level: 0.8716
Trade Safe!
Raul Lopez
Price Action
The EURGBP is trading in a bullish market condition, as long as it trades above 0.8389 I will be looking for long opportunities:
The next LT resistance level is at 85.01
Trade Safe!
Raul Lopez
Forex Training
Since yesterday, the EURGBP is trading in a bullish market condition, I really like the way it is trading right now since it is trading above both: HOPS1 and HOPS1 (very strong uptrend in the short term charts), which in combination with the bullish market condition in the long term charts, it is a good currency pair to find a trade today:
As long as the EURGBP trades above 0.8573 I will be looking for long opportunities.
Trade Safe!
Raul Lopez
Price Action
The EURGBP is going up strong, it still has room to make me think about going long, the next LT resistance level is at 0.8619:
We might need a small retracement in order to get a good Risk-reward ratio in our trade.
In the ST charts it is trading above every important level, so its clearly bullish in both, the short term and long term charts.
Trade Safe!
Raul Lopez
Forex Training
The EURGBP just broke through an important ST support level triggering a bearish market condition:
As long as the EURGBP trades below 0.8329 it will continue to be bearish, and only short opportunities will be in play.
Trade Safe!
Raul Lopez
Forex Training
The EURGBP just triggered a bullish market condition:
EURGBP
I will be looking for long opportunities in the EURGBP, until it reaches the next LT resistance level which is at 0.8349
All short opportunities will be ignored.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The EURGBP is still trading in a bearish market condition, and it will remain bearish as long as the EURGBP trades below 0.8305:
EURGBP
Only short opportunities are in play. The next LT support level in the EURGBP is 1.8217
Trade Safe!
Raul Lopez
http://www.straightforex.com/
I think the best trade opportunity for today is the EURGBP, it is trading in a clear bullish market condition (in the long term charts) and it is trading above every important level in the short term chart:
EURGBP
If I was to take a trade today, I will definitely take it in the EURGBP. Plus, for some reason, other currency pairs aren’t that clear, I would rather wait for my chance here.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The EURGBP is trading in a bearish market condition:
EURGBP
Only short opportunities are in play in the EURGBP (all long opportunities will be ignored).
I have my next LT support level at 0.8020
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Its been a while since the last time I wrote about the EURGBP, but since April the EURGBP had been trading not in a clear and smooth way, it has had a few wild swings making it almost impossible to determine its market condition.
But apparently the market has changed, it looks like the EURGBP is trading now consistently between support and resistance level:
EURGBP
Just broke the short term resistance level triggering a bullish market condition. I will only look for long opportunities until the EURGBP reaches the next LT resistance level around 0.8358
All short opportunities will be ignored.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The EURGBP broke through an important LT support level (visible only in the weekly charts) around 0.8441:
EURGBP
I have the next LT support level resting at 0.8101, we’ll see if the market gets that low.
In the short term charts the EURGBP is trading in a very strong downtrend, below every important level.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
I don’t know about you, but by looking at the EURGBP weekly chart, I get the feeling it is about to change direction, please take a look at it:
EURGBP
Looks like the EURGBP has plenty of upward pressure around the 0.8670 level, what do you think?
Now, take in consideration we are watching the weekly chart, and it might take 3 or more weeks to make one complete swing…
Trade Safe and have a good weekend!
Raul Lopez
http://www.straightforex.com/
The EURGBP traded in a short term range in the last few days but now apparently is out of that range:
EURGBP
It will probably head down and hit the next LT support level.
My trading plan:
As long as the EURGBP trades below 0.8970 I will be looking for short opportunities. Please keep in mind that we might find some short term support around 0.8932
All long opportunities will be ignored.
Trade Safe!
Raul Lopez
The EURGBP is one of the Forex crosses that has been trading consistently between support and resistance levels. I like it when I see any pair behaving like this; it gives me confidence and feel more comfortable looking for trade opportunities.
Please take a look at the next chart:
EURGBP
Now that it is clear that the EURGBP broke the resistance level, I will be looking for long opportunities until it reaches the next LT resistance level.
My Trading Plan:
As long as the EURGBP trades above 0.9118 I will be looking for long trade opportunities. My next LT resistance level is at 0.9271
All short opportunities will be ignored.
Trade Safe!
Raul Lopez
The US GDP was announced earlier this morning, and it came out better than expected (3.5% vs. 3.2%). For the first time in more than a year the US is showing an expansion, this makes traders and investors think about the recovery of the world crisis, is it over? I don’t know, but certainly this is very good news for all of us.
We know everyone’s main focus right now is at GDP numbers, last Friday, we the market took a big impact because of UK’s GDP, today the same happened on the US figures, so expect a lot of impact in future GDP releases.
Now, about technical analysis, I would say the best thing to do in the Forex Majors is to wait for the next week, then I think we’ll have a clearer market condition. Something interesting could be developing in the EURUSD and USDCHF, but we’ll have to wait for further confirmation.
My main focuses right now are:
GBPCHF, which is in a clear bullish market condition and I’m looking for long trading opportunities, and
EURGBP, which is in a clear bearish market condition, and looking for short opportunities.
Trade Safe