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EURGBP trade ideas

EURGBP RETRACESFUNDAMENTAL VIEW On Monday, December 16, 2024, Eurozone data showed mixed results. French manufacturing PMI fell short of expectations, recording 41.9 compared to a forecast of 43.2, while service PMI improved to 48.2, surpassing the 46.9 forecast. Similarly, Germany reported manufacturing PMI at 42.1 against an expected 43.1, while service PMI outperformed, coming in at 51.4 compared to 49.5. While In the UK, PMI data also reflected mixed outcomes. Manufacturing PMI registered 47.3, below the 48.4 forecast, while service PMI came in stronger at 51.4, beating the 50.9 forecast. As a result, EUR/GBP retraced during the European session, currently down 0.27% daily and weekly and 0.04% monthly. Looking ahead of the week, key UK data releases include: • Tuesday, December 17th 11:00 AM GMT+4: Claimant Count Change (forecast: 28.2k). • Wednesday, December 18th 11:00 AM GMT+4: CPI y/y (expected increase of 0.3%). • Thursday, December 19th: Interest rate decision (forecast: maintained at 4.75%). • Friday, December 20th: Retail sales m/m. These releases could significantly impact market movements TECHNICAL VIEW: EUR/GBP was in a broader downtrend but recently broke above the red trendline following last week’s impulsive move. The pair is currently retracing and moving toward the 32.8% Fibonacci retracement level at 0.8286, which aligns with the broken trendline providing a strong confluence zone. If this level is cleared, the next potential targets are the 50% Fib level at 0.8274, followed by the 61.8% level at 0.8263. Conversely, the pair could aim the previous peak at 0.8327 and possibly 0.8355. More so, price is currently trading above EMA 50. Breakout of these zones isn’t ruled out.
by CFI
EURGBP: 1M PP Support Key to Avoid Further DownsideHello, OANDA:EURGBP has driven the price upwards, and now the 1M PP must hold as support. If it fails to do so, further downside could be likely. It's important to remember that the pair is still largely under bearish influence, and maintaining a cross and lock above the 1M PP is essential to avoid more downside. Despite the underlying conditions, the current sentiment remains strongly bullish. No Nonsense. Just Really Good Market Insights. Leave a Boost TradeWithTheTrend3344
by TradeWithTheTrend3344
Monthly CLS, AMD playing out. Longs in distribution phaseMonthly CLS, AMD playing out. Longs in distribution phase you are welcome to comment with your thoughts and share your charts or questions below, I like any constructive discussion. What is CLS? This company is trading for the biggest investment banks and central banks. They trade over 6.5 trillion daily volume. They are smart money of the all markets. CLS operates in the specific times which will give you huge advantage and precisions to you entries. Focus on that. Its accuracy is amazing. Good luck and I hope this educational post helps to become better trader “Adapt what is useful, reject what is useless, and add what is specifically your own.” Dave FX Hunter ⚔
Long
by Dave-Hunter
2
EURGBP Wave Analysis 13 December 2024 - EURGBP reversed from support zone - Likely to rise to resistance level 0.8350 EURGBP currency pair recently reversed up from the support area set between the long-term support level 0.8210 (former support from the start of 2022) and the lower weekly Bollinger Band. The upward reversal from the support zone is likely to form the weekly Japanese candlesticks reversal pattern Hammer, if the pair closes today near the current levels. Given the oversold weekly Stochastic, EURGBP currency pair can be expected to rise further to the next resistance level 0.8350.
Long
by FxProGlobal
EUR/GBP - 15 MINS Buy Trading Idea: EUR/GBP Buy Position Analysis Trade Setup Details: Entry Price: 0.82617 Take Profit (TP): 0.82832 Stop Loss (SL): 0.82512 Risk-Reward Ratio (R:R): ~2:1 Technical Analysis and Justification: 1. Key Support Zone and Rejection: The entry at 0.82617 was initiated near a well-established demand zone, where price previously demonstrated strong buying interest. This is validated by the large bullish engulfing candlestick near the base, signaling a reversal from oversold conditions. Rejection Strength: The long lower wick on the preceding candles indicates significant buying pressure and rejection of lower prices, making this a strong support zone. Confirmation: Price quickly rebounded with momentum, aligning with the trade entry near the breakout of the consolidation phase. 2. Momentum Indicators: Dynamic Support from Moving Averages: The price climbed above the moving averages (likely 20 EMA or 50 EMA), confirming the return of bullish momentum. ADR Levels: The setup aligns with the ADR (Average Daily Range), showing enough room for price to hit the TP without overextending into unrealistic volatility levels. 3. Risk-Reward Consideration: The trade offers a ~2:1 reward-to-risk ratio, making it a favorable setup: SL Placement: The stop loss at 0.82512 is strategically placed below the demand zone and the rejection wicks, ensuring protection from minor noise or pullbacks. TP Placement: The take profit at 0.82832 aligns with a prior resistance zone, where price is likely to face selling pressure. This ensures the trade captures the majority of the bullish move. 4. Price Action Patterns: The trade is supported by bullish price action patterns: Engulfing Candlestick: A large bullish candle confirms buyer dominance, creating a breakout from consolidation. Momentum Build-Up: The steady upward price movement suggests continuation toward the TP, especially after reclaiming key intraday levels. 5. Market Context: Session Timing: The trade aligns with momentum generated during a high-volume session (likely London or New York), supporting the breakout and movement toward the TP. EUR/GBP Fundamentals: Potential fundamental factors, such as support for the EUR or GBP weakness, may have added to the bullish bias in the short term.
Long
by tamrobert20