Daily Price Action

EURGBP One Step Closer to Bottoming


On Friday, I wrote about the potential of a EURGBP bottom.

The way the pair rallied in mid-December combined with the broken descending channel hinted at strength.

I also explained how I used the Fibonacci tool to identify a potential bottom.

See Friday’s post for all the details.

At the time of that writing, the EURGBP was trading just above the 0.8400 handle.

Fast forward to today, and you can see how the pair is well off of that level.

Monday’s gap up suggested strength, and buyers didn’t disappoint.

I managed to catch Friday’s bottom, an entry I announced in the Skype group I run for higher net worth traders.

But I have no intention of exiting my EURGBP long any time soon.

At least that’s the case as long as the pair stays above 0.8450.

That level is once again support following Monday’s rally.

Notice too that the EURGBP may be carving a higher low after putting in a multi-year low in December.

If that’s the case, I have a good idea as to where the pair may be going.

I’ll cover that in the coming days, but for now, it seems all eyes are on the next key resistance at 0.8590.

That’s the level I pointed out on Friday as one that buyers need to clear to expose higher levels.

Above 0.8590, we have 0.8680 followed by 0.8800.

Immediate support comes in at 0.8450.

However, considering how aggressive Monday’s rally was, we may not see the EURGBP dip much below 0.8485.

As always, time will tell.

Want to watch the EURGBP video I just released in the member’s area?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in February!

EURGBP possible bottom with first higher low

Leave a Comment:

Justin Bennett says

Now You Can Get Access to the Same Professional Forex Charts I Use!

Get Access Now to start using correct five-day charts.

These charts give you five 24-hour sessions each week and are the same ones I use to trade the Forex market. Other non-professional charts that provide six-day weeks can produce false signals.

Download the Platform Today and start using professional five-day Forex charts!

Alohan E. Jackson says

If i subcribe to a become a member, how can I receive my log in details and when?

    Justin Bennett says

    I will send you an invitation email to create your membership account. It usually goes out within hours of paying.

Alohan E. Jackson says

Thank you

    Justin Bennett says

    You’re welcome.

Mark says

Sir 7years im following u and learn to trade fx your way.plz forgive me im juz village …poor…honestly speaking…i will do my best to join your team.still need time to get some finance for your fees and for deposits.i trully appreciate for what are u doing rite now..LEARN TO EARN…god bless u family and your team.Amen

Franklin says

From my own point of view i see a potential double bottom on EURGBP at 0.0.83000 area on the weekly time frame before a strong rally higher will take place.

Add Your Reply