EURGBP Price Action Analysis – 9th Jan 2019
EURGBP had a bullish day yesterday. The H4 chart shows that the pair produced a double bottom at a very significant level of support. The price has started having a correction as well. There is a level of support nearby. If that level produces an H4 bullish engulfing candle and we get an H1 breakout at the higher high of the last bullish wave, then buying the pair would get us some green pips. Let us have a look at the H4 EURGBP chart.
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As we see that after producing the double bottom, the pair went up to the level of 0.90045. Two H4 bearish candles were produced so far from the level. The level of 0.89760 seems to be the level which might come into play. If the level produces an H4 bullish engulfing candle and later an H1 breakout at the level of 0.90045, then the price would head towards the level of 0.90500. Summary of the trade
- Buy Stop Order: 0.90045
- Stop loss: 0.89760
- Take Profit: 0.90500
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EURGBP has been trapped within a daily range. It seems that the price might make a strong breakout either side. By looking at the other equations, more possibility is that the price would make a breakout towards the North. Let us wait and see how it ends on the Daily chart. Meanwhile, H4 long entries profit may be taken partially and let the rest run by setting stop loss at the breakeven level to grab some more pips.
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