Playing the Same EUR/GBP Support/Resistance Level | Vantage FX

Playing the Same EUR/GBP Support/Resistance Level

February 23, 2017

If that EUR/GBP level looks familiar, that’s because it is.

Yes, we’ve used this EUR/GBP support level a few times now. Click that link and follow the path back in time through our EUR/GBP posts to see how each time price came back to this level, it was respected.

Mark your higher time frame levels, and you really don’t have to keep changing them all that often.

EUR/GBP 4 Hourly:
160223_eurgbp_4hourly
Click on chart to see a larger view.

So after dropping through the level briefly, you can see price has pinged back above it. This is where the pair comes back into play for us and we go back to looking for short term retests to get long.

Now zoom into the 15 minute chart and I love the way that price has respected both sides of the zone, using it as steps as it moves through it. This shows that even though the level looks like it has been simply chopped through on the higher time frame, when you zoom in, it is very technical in its movement.

EUR/GBP 15 Minute:
160223_eurgbp_15minute
Click on chart to see a larger view.

From here I’ve drawn a couple of levels to look for short term retests that you can manage your risks around. Do you see the pair as in play again, or are we pushing our luck with how many touches the level has already got?

Open a live account with top Australian forex broker, Vantage FX and trade your view.

Dane Williams – @VantageFX

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by award winning 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.

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