"EURGBP Pair Analysis: Support from Box Bottom or Box Break?"
💹 Let's analyze this popular Forex pair together, update our previous analysis, and review new triggers.
🛡️ Higher Time Frame Analysis:
In higher time frames like weekly and monthly, EUR/GBP remains in a range, which aligns with the policies these two currencies have towards each other, clearly reflected in the chart.
📅 Daily Time Frame Insights:
In the daily time frame, we are within a long-term box and have been oscillating inside it for about 350 days. Our trends are mostly visible in lower time frames. In this time frame, it is clear that sellers are stronger as we are hitting lower highs and not reaching the top of the box, indicating the absence of buyers and the strong presence of sellers. However, the 0.849 support level is a significant support for us.
🔄 Previous Analysis Recap:
Before reviewing new triggers, let's revisit our previous analysis. In the past, the triggers were risky due to the range-bound nature of the box, making it advisable to quickly take profits and close positions. After triggering at 0.85638, our position was activated and fully closed upon reaching a risk-reward ratio of 2 and resistance at 0.86160.
📊 Trading Triggers
📉 Short Position Trigger:
We have reached the bottom of the box. In case of a break and stabilization below 0.84990, we can open a short position. However, this won't be easy; either we move sharply, or we get supported and return to the box.
📈 Long Position Trigger:
If the daily candle closes similarly, we can align with buyers and move upward. For more certainty, we wait for structure formation in the 4-hour time frame. After forming a higher low and higher high, we enter upon breaking 0.85322.
🛑 Stop Loss Strategy:
Place a risky stop loss behind the candle for the short position. If hit, we can open another short position at 0.84990. For this short position, place the stop loss logically due to the high probability of a long-term move.
🔍 Range Box Strategy:
In long-term range boxes, often filled with range traders, we should open positions using a breakout strategy in lower time frames. For example, if we confirm buyers are present and do not intend to break support, we can follow them in lower time frames and trigger breakouts.
💡 Conclusion and Recommendations:
A new section might be added to our channel for bullish crypto coins to also capture profits from the crypto market. These analyses will be project-specific, involving deep searches into their structure.
🔻 Key Support Levels:
0.84039 , 0.83113 , 0.82503
🔺 Key Resistance Levels:
0.86153 , 0.86970 , 0.87496
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
🛡️ Higher Time Frame Analysis:
In higher time frames like weekly and monthly, EUR/GBP remains in a range, which aligns with the policies these two currencies have towards each other, clearly reflected in the chart.
📅 Daily Time Frame Insights:
In the daily time frame, we are within a long-term box and have been oscillating inside it for about 350 days. Our trends are mostly visible in lower time frames. In this time frame, it is clear that sellers are stronger as we are hitting lower highs and not reaching the top of the box, indicating the absence of buyers and the strong presence of sellers. However, the 0.849 support level is a significant support for us.
🔄 Previous Analysis Recap:
Before reviewing new triggers, let's revisit our previous analysis. In the past, the triggers were risky due to the range-bound nature of the box, making it advisable to quickly take profits and close positions. After triggering at 0.85638, our position was activated and fully closed upon reaching a risk-reward ratio of 2 and resistance at 0.86160.
📊 Trading Triggers
📉 Short Position Trigger:
We have reached the bottom of the box. In case of a break and stabilization below 0.84990, we can open a short position. However, this won't be easy; either we move sharply, or we get supported and return to the box.
📈 Long Position Trigger:
If the daily candle closes similarly, we can align with buyers and move upward. For more certainty, we wait for structure formation in the 4-hour time frame. After forming a higher low and higher high, we enter upon breaking 0.85322.
🛑 Stop Loss Strategy:
Place a risky stop loss behind the candle for the short position. If hit, we can open another short position at 0.84990. For this short position, place the stop loss logically due to the high probability of a long-term move.
🔍 Range Box Strategy:
In long-term range boxes, often filled with range traders, we should open positions using a breakout strategy in lower time frames. For example, if we confirm buyers are present and do not intend to break support, we can follow them in lower time frames and trigger breakouts.
💡 Conclusion and Recommendations:
A new section might be added to our channel for bullish crypto coins to also capture profits from the crypto market. These analyses will be project-specific, involving deep searches into their structure.
🔻 Key Support Levels:
0.84039 , 0.83113 , 0.82503
🔺 Key Resistance Levels:
0.86153 , 0.86970 , 0.87496
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
