EURGBP made a huge Bullish move yesterday. The Daily candle came out as a strong Bullish candle. By looking at the H4-EURGBP chart, we could say that the Down trending Trend line got broken, so it might be the time for the buyers to keep their eyes on the pair to take a long entry. Let us have a look at the H4 EURGBP chart.
Have a look at those massive H4 Bullish candles. The level of 0.87825 is the level of Resistance and the level of 0.87630 is the level of Support here. If the Support level is held and it produces an H4 Engulfing Candle and we get an H1 breakout at the level of 0.87825, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.87825
- Stop Loss: 0.87630
- Take Profit: 0.88155
- 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
Just a day ago, EURGBP was very Bearish on the H4 chart. We suggested a short entry on the pair day before yesterday. That trade got us some profit too. However, we are eying on the same pair to take a long entry this time. The reason behind this is the trend is with Bull now. A Bearish trend line which was obeyed by the price got breached and held. This means a new trend, so we have to change our direction too. The Trend is our friend. We must never go against it.
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