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.
Many upper candle wicks in this 0.84000/0.84500 zone so IMO either it goes down soon enough from the effect of all this selling pressure (lower timeframes H1 / H4 show same) or a lot of shorts will be burned if it does break thru 0.84500
I'm favoring shorts on EUR pairs too at the moment mainly due to the Russia situation. The set up looks pretty good though for a short term long
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.
Bullish move last week? More like sideways move. Meanwhile the past 3 days are big red candles. My guess more of the same. And other than EURJPY all the other major EUR pairs look down as well.
There has been so much consolidation Ill personally be staying out of this pair until something shows me a reason otherwise