This trade came to my attention for two reasons. It had a strong reaction to last weeks S1 and monthly M1 and was at monthly low. Then i waited for price to make new high into the new trend or try to go down again. It made a new high and a higher low and bounced off MS1 and Weekly pivot. Target is R2 and SL is below M1 or 75 pips.

My general bias is looking to buy EUR and to sell GBP.

EURGBP

Source: https://www.tradingview.com/x/27JJeKT4/

One thought on “EURGBP long”

  1. Ayman A says:

    Fundamentally speaking I cant comment. Technically I think longer term it will drop, although for now it is clearly ranging. if your target is weekly R2 I think that its possible it hits that price, just not this week, I would also watch how it reacts to the monthly cpp very closely.I like too see it break through the monthly cpp on the first try. Nice trade setup buying at the bottom of the range pretty much high probability to lock in break even and get a free shot. Personally I wouldn’t touch that pair right now though, its too much sideways action. Good luck on the trade thanks for the post

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