[FOREX TIP] EURGBP Price Action Analysis – 26th May 2017

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EURGBP has been bullish on the H4 and the H1 chart. The price has kept going up and continued to make new higher high. Moreover, today the price has made another H4 breakout at an important level of resistance. This means the pair might offer us a long entry if things go according to the trade setup that has been shared below. Let us have a look at the H4 chart of EURGBP…

This is the H4 chart of EURGBP and the chart looks very bullish. The price has traveled a lot by making new higher highs and it still looks strong to go further up. On its way, 0.86750 acted as a level of resistance, where the price got rejected by two H4 candles. However, it has been breached today and the level has to potential to be the level of support to offer long entry to the buyers. Let us have a look at the summary of the trade…

• Buy Limit Order: 0.86750
• Stop Loss Level: 0.86300
• Take Profit Target: 0.87550
• Validity: 24 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

Here we have used the H4 chart to spot out our trade setup, but we are going to wait for an H1 reversal candle at the breakout level. Since today’s price action has been bullish from the first hour of the trading day, so this is actually a trade based on H1 confirmation. That is why stop loss is set below today’s lower low as well. If we wait for an H4 reversal candle here, we might get too late to take the entry.

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