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Price Action Setups: EURGBP Reaches Important Inflection Point

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EURGBP was able to climb higher today, tagging the .7967 level before reversing lower to form a bearish pin bar. This is a level that we’ve been talking about for a while now and was also pointed out in yesterday’s analysis.

From here we can look for a possible retrace to the 50% area of the pin bar around the .7950 level for a short entry.

If the market can break the recent low at .7915 we may see the next key support at .7870 come into play over the next few days.

eurgbp daily forex chart

AUDCAD also produced bearish price action below key resistance today. Considering the bearish price action over the last 24 hours, we may see a retest of the .9935 level over the coming days.

Having said that, there isn’t a lot to do here at the moment as the risk to reward ratio isn’t favorable. If, however, the market were to rally back to 1.0025 we could look for selling opportunities on the 4 hour chart to join the bearish trend.

audcad daily forex chart

Last on the list, and one of the more intriguing setups is GBPCHF. The pair has been on a tear since March and recently broke through resistance at 1.526. The market is now testing this level as support and had a fairly bullish close today.

I’m not in any hurry to jump in the water here as I do think the market may move sideways for the next few days. In which case we can look for a long entry at the intersection of the 1.526 key level and trend line support.

gbpchf daily forex chart

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