EURGBP Trading Analysis

 

@Colibritrader

 

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.

  1. Price has bounced off a major support zone at 0.8650.
  2. The daily candle is a bullish engulfing, which engulfed 4 red candles!
  3. 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

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