Could The GBP strength make EUR crumble towards 0.84250 level near-term? It very well be a reality should certain criteria meet on this potential trade set-up!
Currently EURGBP is trading at 0.86000 area, not too far from the major crucial support/demand zone located at 0.85500 region. The weekly candle has already seemed to be pierced and closed below this crucial 0.85500 level. However to decrease a likelihood of false breakout scenario, we require the monthly candle also close below 0.85500 level. This will ensure a more probable clear path for this pair to head downwards to 0.84250 region where the upcoming support/demand zone lies.
At the moment, we are just waiting for the monthly candle to close below 0.85500 after which a short trade can be taken with stop loss being placed above swing high with RR 1:1.
Note: This is just an analysis/view and not a trade signal. Once if the criteria is met, trade details would be posted in a separate post. Lets see what happens. Cheers
Currently EURGBP is trading at 0.86000 area, not too far from the major crucial support/demand zone located at 0.85500 region. The weekly candle has already seemed to be pierced and closed below this crucial 0.85500 level. However to decrease a likelihood of false breakout scenario, we require the monthly candle also close below 0.85500 level. This will ensure a more probable clear path for this pair to head downwards to 0.84250 region where the upcoming support/demand zone lies.
At the moment, we are just waiting for the monthly candle to close below 0.85500 after which a short trade can be taken with stop loss being placed above swing high with RR 1:1.
Note: This is just an analysis/view and not a trade signal. Once if the criteria is met, trade details would be posted in a separate post. Lets see what happens. Cheers