EURGBP has been bearish on the H4 chart. The price came down up to 0.84920. Then the price has started having corrections. The pair had a rejection from the level 0.84450. Today’s price action suggests that the pair might go towards the South if we see a breakout. Let us find out the breakout, Take profit and Stop loss levels…
EURGBP Free Forex Trading Signals – 13th Feb 2017
This is the EURGBP H4 chart. As we can see that, the price made a double top and then a huge Bearish H4 candle at 0.86350. After making some lower lows, the level of 0.85200 seems to be acting as a strong level of resistance. The pair has already produced an H4 engulfing candle. Thus, If we get a breakout at 0.84920, then selling the pair should get us some green pips.
Here is a thing though, after the breakout, we should wait for the price to come back at the breakout level and produce an H1 reversal candle to take the short entry.
Here is the summary of the trade
- Sell Stop Order: $0.84920
- Stop loss Level: $0.85200
- Take Profit Target: $0.84080
Trend line is one of the best price action trading tools. It is a simple tool to apply on a chart, but many traders do not know how to apply it accordingly. First, we should avoid Line chart to draw a Trend line. On a line chart, spikes do not get printed. Thus, we do not get the accurate Trend line. All the spikes have to be counted at the time of drawing a Trend line. Thus, Candlestick chart and Bar chart are good to draw Trend line.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
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 – 13th Feb 2017
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