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 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
The EURGBP traded in a tight range in between 0.8817 and 0.8721 for almost three weeks, but now, it broke the long term resistance and it is trading in a strong bullish market condition. Please take a look at the next chart:
EURGBP
Its likely that the EURGBP will reach its next long term resistance level around 0.9019.
My Trading Plan:
I will look for long trading opportunities and will set all my TP orders below the next resistance around 0.9019.
Al short trading opportunities will be ignored.
Good luck!
Raul Lopez
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
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
Earlier today I thought the EURGBP was getting ready to bounce back from its main support level (it has been trading in a range since the 19th of April). But things have changed a little since this morning; please take a look at the chart below:
EURGBP
The EURGBP is now trading below the main support level of 0.8784, this means that we need to be looking for short opportunities in the short term charts. Take profit orders will be placed a little above the next support level of 0.8645.
Remember:
Green levels: Short term S&R levels
Blue levels: Long term S&R levels
Good luck!
Raul Lopez