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The #EURGBP price could continue to fall towards the major demand zone. The current day’s price action has triggered shorts into the market and could offer some further short opportunities.
We’ll be going over EUR/GBP today as it was triggered by a short move. The GB Pound is currently stronger than the EUR on the strength meter, which is offering us short opportunities.
Daily timeframe
The recent price action showed the market making lower highs. And just recently, we broke out of the significant low area.
It made a new lower low after making lower highs coming down. With the GBP stronger than the EUR, the market made a pullback and a strong bearish close yesterday. That suggested that we could see further downside in the market because of the huge demand zone.
If I were a buyer, I would want to be where the institutions are conducting businesses, near the 0.85 area. We know they are in that area because we saw a significant reversal and strong buying momentum at that point.
The EUR/GBP price is making lower highs and recently formed a new low on the daily timeframe. The EURO is currently weaker than the GBP which looks likely to continue. If the price moves lower and moves towards 0.8500 where there is a huge demand zone, then it will likely be the target for short trades.
The price may go down before seeing another continuation. So, we have that other demand zone as a confluence for the market’s potential to continue moving lower. We also looked at the trade of a 50% retracement of yesterday’s candlestick which helped us to get triggered by the move.
Four-hour timeframe
In the four-hour timeframe, it had a change in trend and a retest.
We are getting another strong bearish four-hour close. If the price continues downside and takes out the lows, we could look for another short-term trading opportunity in the demand zone.
The four-hour timeframe could offer further shorting opportunities if the price continues to form lower lows. We can then use these lows as resistance and watch for bearish price action.
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