EURGBP set up ideas

pezza55

Member
EURGBP has taken the daily highs last week and made a clear change in the overall structure

With the current news line up tomorrow London session could see this set up form. on the daily we have a clear gap in the wick that needs filling before the next big leg up. also on the 4 hour we have a FVG and area of reaction.

The news line up for tomorrow is EUR first and then GBP so looking for this to react at this level and then break back up for lower TF market structure before the GBP news.

Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading.
Let me know how you get on.
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Farm Yard Forex

Well-known member
If you zoom out it is still very much in a down trend and as that high didn't break the old high there is nothing to suggest a structure break yet.
 

Jim B

Junior member
I’ve had a couple of nice buys on this pair recently. Thinking theres more buys to come as well.
 
S

Smith2525

Will the current situation with Russia cause more negative pressure on the Euro or GBP?
 

pezza55

Member
EURGBP London set up idea

With EURGBP dropping down over the last few days we could be seeing a retrace from the bullish move last week back below the 50% area ready to move up again.

We have seen the strength in GBP with the interest rate rise pushing this pair back down.

I will be looking out for a mid week move and a break in lower TF structure to show some bullish momentum before I look to enter.

Bear in mind there is another level at the 79% on the fib that we could push on down to and then break to the upside from there longer term. with both ideas I am still looking for buys to come in to play by the end of the week.

Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading.
Let me know how you get on.
1647977353043.png
 

LuckyMac

Active member
Nice trade, i like the look of it. Id be locking profits on this pair with it being so range bound. :)
 

NVP

Legendary member
tough pair to trade dude ...so many better other ones at moment ...mainly JPY paired
 

sharabela

Active member
The daily chart shows that the price gets caught within a horizontal channel. The bear may have an upper hand here since the last move was very bearish. However, a bullish breakout at the channel's resistance may push the price towards the North. Let us wait and watch where it makes its next breakout.
 

pezza55

Member
EURGBP set up

Finally after nearly a week of this set up coming in to development we reached our TP on the buy. From now we need to ask where we go next.
With such a good push to the upside I feel we will need a retrace of the move before we can see more highs taken out.

From here I have marked out the next area where liquidity is held. At this area I will be looking for a reaction and a short term move down to fill in some of the move we have seen and rebalance price delivery.

This is only a short term idea as I will still be looking for the long term bullish drive.

Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading. Let me know how you get on.
1648575032174.png
 

sharabela

Active member
The price made a strong bullish move. It is now traded around a massive level of resistance, where it reacted heavily several times. Thus, it may make a bearish correction. However, the bull may continue its domination in the pair for a while.
 

steveday76

Junior member
Thanks for the analysis. I have some buys on EUR pairs at the moment which are making some nice profit.
 
 
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