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FOREX Chart Of The Day: Trading The EURGBP Range

In this #forex update we take a look at the daily range on #EURGBP and how you can trade it.
 
Watch the video to learn more…
 

Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, Head Currency Analyst.

Practice trading with a demo account

In this video, we’re going through EUR/GBP. I quite like the range play here, so we’re gonna discuss this for a moment, and then we’ll look at other charts as well.

EUR/GBP is looking for some minor upside because the weekly is pushing up nicely. We broke the weekly low but I like the idea of price trading within this range.

Daily timeframe

There are two things that could happen in the daily timeframe. The first is for the market to trade within the range, then it could break to the upside and head towards this resistance level. Or we could form a Head and Shoulders pattern, break the market, come down, and continue to this level

So, there are a couple of different options that I quite like for EUR/GBP. I’m looking for an upside to this market as I expect the market to come and retest this structure around 0.9.

Four-hour timeframe

The market broke through the lows, got rejected, and we had a nice daily bullish close. That allowed me to go into the four-hour timeframe and look for an opportunity.

If the market pushes to a new high, I can look for the market to pull back to a level of structure then look for a buying opportunity.

The level of structure is at 0.8920. If the market gets down here, then I’ll go into lower timeframes and look for the change of cycle like a double-bottom pattern or an inverse Head and Shoulders pattern.

Anything that would suggest that the trend is changing back to the upside, I’ll be looking for a move from here to the 0.9 area or this zone.

15-minute timeframe

If I go into a 15-minute timeframe, the market is pulling back because we’re in that potential for our retracement phase.

What I expect to see out of the market is a move, which would suggest the market pulling back, continuing down, pulling back, getting to this point, and then we look for a double-bottom pattern. Or an inverse Head & Shoulders pattern to suggest that the market is pushing to the upside where we can look for a long position.

That’s what I’m looking for here on EUR/GBP. The price has formed a new low on the 15-minute timeframe. I’m expecting a retest of this 0.8920 area.

If the market gets to this point and my alert goes off, we’ll look for double-bottom patterns or an inverse Head & Shoulders pattern.

If you’re new to trading, it can be quite overwhelming. But fear not, you can try trading EUR/GBP by opening a demo account. When you’re ready to trade live, our customer support team will be there to assist you.


Blueberry Markets is not a financial adviser, and does not issue advice, recommendations, or opinion in relation to acquiring, holding or disposing of a margined transaction. We provide general advice only and accordingly you should consider how appropriate the advice (if any) is to your objectives, financial situation and needs before acting on the advice.