EURGBP Trading Analysis
EURGBP Trading Analysis
Dear traders,
It has been a pretty quiet week for me. I have not acted upon the Crude Oil trading analysis yet. Price has not showed an affirmative reaction as of yet.
One more piece of information that I have just noticed is that on the weekly chart there is an inside bar that has just formed.
Personally would prefer to stay away until I got a more affirmative indication from price action.
EURGBP Trading Analysis
Today, I am looking at EURGBP. There are a few factors that lead me to believe that we might see more bullish enthusiasm.
- Price has bounced off a major support zone at 0.8650.
- The daily candle is a bullish engulfing, which engulfed 4 red candles!
- The weekly candle is also logically a bullish engulfing
Those three bullet points make me believe that it is possibly high time for further bullish activity. I am looking for a small retracement towards 0.8760 and if all stars align, I might take a long trade.
Before that happens, I would also ideally like to see a 4H candlestick pattern that will confirm my expectations.
Remember: Always follow what the market shows you and not what you expect the market will show you!
Happy Sunday,
Colibri Trader