EURGBP Price Action Analysis – 6th Dec 2018
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EURGBP is at a strong level of resistance on the Daily chart. However, the H4 chart shows that the pair looks good to make a breakout on that level of resistance and offer a long wave for the buyers to ride on. If that breakout happens, it would be a breakout with a very strong momentum. Let us have a look at the H4 EURGBP chart.
By having a close look, it seems that the H4 chart has been obeying an up trending channel. The upper band has been confirmed since the price had two touches so far. The lower band and the horizontal support level suggest that 0.88740 is the zone from where the pair might get a strong bullish momentum. To be precise, right from the zone where it has been marked ‘Dynamic Support Level’. Let us have a look at the summary of the trade…
- Buy Limit Order: 0.88750
- Stop Loss: 0.88100
- Take Profit: 0.89750
- 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
Today’s trade setup is an interesting one. The Daily chart does not recommend that the pair is to go for a long entry. However, the H4 chart suggests that there is a point which is crucial. What usually happens in this kind of situation is the signal candle comes out as an A+ signal candle. I mean to say most probably, we will get a solid good-looking H4 bullish engulfing candle at our desired level. This would generate huge liquidity on the H4 chart and help make a breakout at the daily’s resistance.
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