EURGBP has been bearish on the H4 and H1 chart. The price has kept making lower lows on those charts. So far, today the price has been having correction. There is a strong level of resistance, which might come into play and drive the price towards South. Let us have a look at the H1 chart of EURGBP and find out the levels of Stop loss, take profit and breakout.
The price came down up to 0.84610 last week and found its support. It has been on correction. We see on this chart that the level of 0.84740 was a Support level. This means that it has the potential to be a strong level of resistance. The price is not too far from the level as well. If the level of 0.84740 becomes the resistance by producing a reversal H1 candle, then we should wait for a breakout at 0.84610 to take short entry on the pair. There is a lot of room for the pair to head towards the South. Thus, it might attract more sellers to sell off the pair.
Let us have a look at the summary of the trade
- Sell Stop Order: 0.84610
- Stop Loss Level: 0.84740
- Take Profit Target: 0.84385
In many countries, banks are having holiday today. This might lead the Forex market have less liquidity today. Thus, we have to be sure about the breakout first to take entry. We might have to be more patient for the price to hit TP as well if things go according to this calculation.
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 – 17th April 2017
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