EURGBP seems to have found its Resistance at 0.87150 area. The pair produced a Doji, then an Engulfing H4 candle right there. Since then the pair has been bearish on the H4 chart. The price broke through a massive level of Support at 0.86050 on its way. The level could be the next level of resistance as things stand with the pair. If it really does, then selling the pair would get us some green Pips with excellent risk and reward ratio. Let us have a look at the H4 EURGBP chart…
EURGBP Free Forex Trading Signals – 4th April 2017
As we can see that, the price has kept making lower lows on the H4 chart. The level of 0.86050 could not hold the price because of its strong bearish momentum. The price then came down up to 0.84860. Then, the pair has produced those corrective H4 candles. If the price goes up to 0.86050, then we should wait to see the market reaction on the H4 chart. Ideally, an H4 Pin bar or Engulfing would be the best candle to be prepared to sell the pair off. Let us have a look at the summary of the trade…
- Sell Limit Order: 0.86050
- Stop Loss Level: 0.86425
- Take Profit Target: 0.85510
This signal has been analyzed on an H4 chart. Thus, traders must be very patient with this setup. At first, they have to be patient on taking entries, and then have to be even more patient on taking exit. If the bearish momentum starts earlier than the suggested level, then traders should not jump into taking an entry, but they should wait for a Double Top to sell the pair off.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: EURGBP Free Forex Trading Signals – 4th April 2017
The post EURGBP Free Forex Trading Signals – 4th April 2017 appeared first on Advanced Forex Strategies.
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