EURGBP, 240 min
EURGBP has been in an uptrend lately and is still breaking above recent pivotal highs. It has been attracting buyers after pull backs have taken the pair near S&R levels. Now that EURGBP has retraced from a new 22 month high it could be soon reviving buying interest from those that look to participate in this uptrend after a decent pullback. The pair is oversold in terms of Stochastics oscillator (7,3,3) while it tried to bounce from the 38.2% Fibonacci level. I expect the uptrend to continue but think that the current level is a bit too risky to trade long and expect the pair first to make another leg lower. This would bring it to my buy area. The regression channel low and the area between the 61.8% and 50% Fibonacci levels, together with the March high at 0.7946 should mean that quite a few market participants view this area as a potential area for long trades.
I am looking for long entry signals between 0.7938 and 0.7994 with Target 1 at 0.8080 – 0.8120 bracket and Target 2 at 0.8160 – 0.8180.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
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