The EURGBP is still respecting its 17-week old bearish FVG.

To start this week’s Finlogix analyses, I am updating the EURGBP cross pair.

After holding for 18 days and 18 hours, my March 14 long trade has finally hit the take profit level:

https://www.finlogix.com/analysis/20240314/eurgbp-intraday-analysis-and-trading-plan-for-march-14-2024

There are 4 in Europe while 2 major economic reports in the United Kingdom to keep an eye on this week.

Re-assessing EURGBP’s high timeframe candles:

Yearly Candle: Last check is a Small Red Candle with a Longer Tail Wick now a Red Hammer

Monthly Candle: Previous close is a Red Spinning Top with a Small Body current is a Green Body with a Longer Tail Wick

Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is Developing a Green Shaven Bottom

Daily Candle: Friday close is a Green Body current is Developing a Green Shaven Bottom

Although the cross pair’s yearly low almost re-tested 2023’s low, it is still generally bearish.

For 4 consecutive months since January this year, EURGBP’s price has been trading in 2023’s lower territory.

On the weekly, the 17-week old FVG formed last December 25, 2023 to January 8, 2024 is still respected in the last 2 weeks’ upsurge move.

The weekly open is strong during the intraday highs earlier but immediately stopped out through last week’s high forming a double top pattern.

Both the weekly and candles in green shaven bottom patterns, however, a failure to create a new highs today can validate a double top structure that can start off price retracement to the down side.

Based on the latest price developments, I change my instance to a seller for the EURGBP pair.

I am aiming for a 100-pip move short trade with the following entries:

Entering through the current swing high consolidation with a minimal stop loss and a handsome take profit.

In case there’s a further breakout above the 17-week old bearish FVG, then we adjust the next trade setup.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

EURGBP Intraday Analysis and Trading Plan For April 22, 2024

Apr 22 2024

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