EURGBP - Forecast and Trade Setup for the week 4th August, 2014
Daily Chart
- We have a small bearish Cypher Pattern completing around the 80 even number level
- I personally anticipate there should be some reaction from that level, however could be short lived - so possibly just a small 1:1 target
- My near to medium term forecast for this pair is long because the Euro performed a Pin bar candle on a weekly from a significant support area, where as the Pound is still very negative and aiming to the next support, So based on that, i would open a long and take not of the bearish cypher so possibly take partials there and manage the trade
Hourly Chart
- We closed the week above resistance, which should not become support,
- note that the 80 level is not far away, but chart wise, we still have 45pips before the next resistance, so happy for longs for a 2 : 1 reward to risk trade (taking partials at 1:1 / cypher)
Outlook Trade opportunity
My near to medium term forecast for this pair is long because the Euro performed a Pin bar candle on a weekly from a significant support area, where as the Pound is still very negative and aiming to the next support, So based on that, i would open a long and take note of the bearish cypher so possibly take partials there and manage the trade
Risk Level __
Tips -
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