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EURGBP Price Action Analysis – 25th July 2017
EURGBP has been on a buy trend on the Daily and the H4 chart. The price has been on correction on the short time frame. However, today’s price action suggests that the price might have found its support level. Thus, if we get a breakout towards the upside, then the pair might offer us a long entry with excellent risk and reward ratio. Let us have a look at the H1 EURGBP chart…
EURGBP Price Action Analysis – 25th July 2017
See the corrective wave after some strong bullish momentum on the H1 chart. The level of 0.89300 has shown the potential to be a level of support so far. If the level drives the price towards the North and makes a breakout at 0.89550, then the pair might head towards the North to make new higher high.
- Buy Stop Order: 0.89550
- Stop Loss Level: 0.89100
- Take Profit Target: 0.90200
- 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
For the last 5/6 weeks, most of the pairs have been choppy. The pairs that were having trend, they mainly moved according to the short time frames such as H1, M30 and M15 etc. I mean to say short time frames offered more entries than the time frames such as the H4 or the Daily chart. This means when the pairs start squeezing, we might have to move to short time frames for taking entry. Switching time frame is not easy; it does need a lot of practice. As a trader, we make sure that we do the practice for switching time frame on our demo account first.
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We hope that you enjoy our Free Forex Trading Signal today: EURGBP Price Action Analysis – 25th July 2017
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