EURGBP Projection 10/28/2020

28 Eki 2020

When looking at EUR/GBP in macro time frames, we can clearly identify an ongoing bullish trend (specially on the Daily & Weekly time frames). When we compare the amount of trading days that it took the price to move from 0.8928 to 0.9290 (5 days) with the amount of trading days it has taken the price to move down half of that range (33), we can clearly notice that the predominant volume is Bullish . The level of 0.8928 is an attractive price level to look for buys since that was when the previous bullish momentum was born, and it also converges with the Fibonacci Level 78 Order Block. The Stop Loss has to be placed under the previous higher low: it is always a good idea to extend your Stop Loss a few more pips to give the market enough field for possible liquidity spikes.