FX.co ★ ONE-MAN-ARMY | EUR/GBP

Technical analysis of the EURGBP currency, Thursday 09 May 2024

Good morning to all forum friends. On the fourth day of the market open this week, using technical analysis, try to analyze the growth of the EURGBP currency market. Trading session in yesterday's trading session the seller tried tested the psychological support level at 0.8600, but the attempt was not successful in breaking it. Possibly, if the psychological support level is successfully penetrated, the price will be increasingly pressured to fall further, testing the next support level. And for now the price of the EURGBP currency is still trading above Middle Bands and above EMA50, this clearly indicates that the buying trend is still strong. With the strengthening of the pin bar candlestick, the potential for strengthening buying is estimated by buyers to test the nearest resistance level at 0.8650. If this resistance level is successfully penetrated, it is possible that the price will be pushed higher, to test next resistance level. Today's trading plan. Using the technical analysis reference above, planning to trade the EURGBP currency is to consider the buy option. To start entering the market to trade, we should still wait for the nearest support retest price, so that we can get the ideal entry setup. And the candlestick pattern We can use pin bars, bullish engulfing candlestick patterns, as reinforcements for confirmation of entering the buying market, so that we can control the risks well. To start a buy trade, we can first set the support level at 0.8600, if this support level is successfully penetrated, we can wait at the second support level at 0.8550. And for stop loss we can set a minimum of 1:1, and a profit target of 100 points From the entry price, we can also adjust the current market conditions. From the overall conclusion of the technical analysis, because the EURGBP currency buying trend is still strong, considering the interesting trading buying action, which we need to pay special attention to, is reaching the nearest resistance level.