After demand levels were hit last week, intraweek’s opening remains strong to the upside and looks ready to target EURGBP’s 17-week old FVG.

My final Finlogix analysis today goes to the EURGBP cross pair.

I was successful in my April 29 EURGBP long trade plan which has exited in profit:

https://www.finlogix.com/analysis/20240429/eurgbp-intraday-analysis-and-trading-plan-for-april-29-2024

There is no European economic report this week but there are 6  in the United Kingdom starting on Thursday till Friday.

Re-assessing EURGBP’s high timeframe candles:

Yearly Candle: Last check is a Red Body with a Longer Tail Wick now a Red Long Lower Shadow

Monthly Candle: Previous close is a Red Long Upper Shadow with a Small Body current is a Green Body

Weekly Candle: Previous close is a Green Long-Legged Spinning Top current is a Green Body with a Longer Tail Wick

Daily Candle: Both yesterday and today are Green Body with Longer Tail Wicks

Even though EURGBP has a pretty solid intraweek, the cross pair continues to trade under 2023’s lower wick territory.

But for the meantime, the bulls are set to re-test at least 2 external resistances which are the 17-week old FVG and April 22-23’s triple rejection.

These resistances have a combined 0.8620 to 0.8650 range levels.

Meanwhile, on the monthly time frame, so far so good green bodied candle retracing last month’s sell off wick.

Would like to see some pullback happening for the current 4H candle until it backtest the 0.86 into a new support.

I’m betting for a generally weaker British economic data result tomorrow to further catalyze Euro buying.

Therefore, I maintain my buying instance for the EURGBP with these new long entries:

Hoping that I am right again with this new long trade analysis.

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

Copy trading and trading directly involve risks.