EURGBP produced a huge Bearish Daily candle yesterday. By looking at the H4, it seems that the pair is getting ready to make another Bearish move. Today’s first H4 candle came out as a Bearish Pinbar. The next one came out as a Bullish Pinbar, but it did hold the level of today’s Resistance. The current H4 candle has been Bearish. If it continues to go towards the South and makes a breakout at yesterday’s lower low, then we might get an opportunity to go short on the pair later today. Let us have a look at the H4 EURGBP chart.
EURGBP Price Action Analysis – 8th May 2018
Have a look at the Bearish move on the H4 chart. The current candle has been trying to make a breakout at 0.87765. If it makes a breakout on that level and then produces an H1 Bearish Engulfing Candle right on the breakout level, then the price would reach 0.87450 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.87765
- Stop Loss: 0.87950
- Take Profit: 0.87450
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
The Forex market was quiet last month. Hopefully, this month would be a good month. June and July are usually quiet months too. Thus, there is a good possibility that the traders would look for opportunity in May to make money. This would lead the market to have a good amount of liquidity. Let us wait for those opportunities and grab them if they come. If they do not come, we must not push ourselves, but be patient.
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