EURGBP: Trend Reversal and When to Buy
The market is in the downtrend if we talk about the daily timeframe. We could sell it from the zone between 0.91000 - 0.90000 levels. Now it is better to search for buy opportunities.
The price dropped below the important support zone at 0.84750, and it confirmed the further falling to 0.83000 support. But what if we have a fake breakout?
The market can give us a buy opportunity, and we should try to catch a trend reversal. If the price breaks the 1st downtrend line and moves above 0.84750 resistance, it will give us a buy signal. It will be possible to open long trades based on the daily and hourly charts.
The next buy signal can be based on a breakout above the 2nd downtrend line.
For all buy trades, we must use stop orders below the local swing lows and support levels and profit targets at the resistance levels.
The price dropped below the important support zone at 0.84750, and it confirmed the further falling to 0.83000 support. But what if we have a fake breakout?
The market can give us a buy opportunity, and we should try to catch a trend reversal. If the price breaks the 1st downtrend line and moves above 0.84750 resistance, it will give us a buy signal. It will be possible to open long trades based on the daily and hourly charts.
The next buy signal can be based on a breakout above the 2nd downtrend line.
For all buy trades, we must use stop orders below the local swing lows and support levels and profit targets at the resistance levels.
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