EUR/GBP at Swing Low Support

February 14, 2017

Find good levels and you can’t go wrong – It really is the technical analysis trading motto of my blogging with Vantage FX.

Previously, we had EUR/GBP bouncing off daily support, which as you can see if you bring up the pair on your own MT4 charts, gave a nice trade with multiple chances to get long.

Some hindsight trading homework for you would be to look at that daily level and then where you could have got long on any short term pullbacks. Think about why you’d wait for a pullback and also the risk:reward ratios that you can give yourself by waiting.

Back to the present and as you can see, the EUR/GBP daily chart shows that after the higher time frame support level held, price has again pulled back:

EUR/GBP Daily:
160214_eurgbp_daily
Click on chart to see a larger view.

It hasn’t quite pulled back all the way to the higher time frame level, but this intraday swing low level just above is certainly in play:

EUR/GBP 4 Hourly:
160214_eurgbp_4hourly
Click on chart to see a larger view.

I’ve redrawn the level as a zone on the intraday chart so you can see what I’m talking about a little clearer. With daily support having held, if this intraday zone holds, I’m happy to look for longs on any retests back into or around it.

Keep an eye on our forex market news blog and social media accounts as the setup unfolds and don’t be shy to share what you see on your own charts by giving us a mention.

Open an MT4 forex trading account with leading Australian forex broker, Vantage FX and take advantage of endless trading opportunity.

Dane Williams – @VantageFX

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Forex broker Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, forex news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and FX broker Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

Social

Free Daily Market Update

Live Spreads

SymbolBidAskSpread

Spread

Sign up to the latest forex news and daily FX trading setups