The higher low trendline mentioned in my May 21 analysis has broken down leading to a sell side liquidity grabbing under EURGBP’s February and March double bottom!

Last Finlogix analysis today goes to the EURGBP cross pair.

As a result, my May 21 long trade plan as well has exited in another loss:

https://www.finlogix.com/analysis/20240521/eurgbp-intraday-analysis-and-trading-plan-for-may-21-2024

An updated even record of 3 wins and 3 losses.

There is only 1 European high impact economic report due today while none in the United Kingdom.

Re-assessing EURGBP’s high timeframe candles:

Yearly Candle: Still a Red Body since last check 

Monthly Candle: Last check is a Green Long Upper Shadow now a Red Long Upper Shadow

Weekly Candle: Previous close is a Big Red Spinning Top current is a Small Red Spinning Top

Daily Candle: Previous close is a Green Long Upper Shadow current is a Red Long Lower Shadow

The EURGBP has further given up its May gains printing a fresh 20-month low since September 2022 peak!

The 19-week bearish FVG extends its form to 20th week and proven to be stronger than ever after May 8-9’s rally has merely touched its lower boundary resulting in an aggressive corrective down wave.

The immediate higher low support trendline was finally broken down for good followed by February and March 2024 double bottom support trendline’s breakdown as well.

But the good thing is we can clearly see some sell side liquidity happening under the lows of this double monthly bottom structure.

With 2 days left in May, we can expect that the EURGBP bears are not yet finished dumping the price even more.

As a result of extended strong monthly profit taking in May, my May 21 previous long trade plan can’t help but respect its stop loss.

As mentioned above, a sell-off is still more pronounced to the end of May.

In light of this aggressive bearish price action, the EURGBP offers itself in a more discounted fashion.

And I like to open a long position on the next 4H candle’s retest in today’s swing low.

I’m predicting that the EURGBP will bounce back next week. So opening a new long position at the current bearish 4H candle is a decent 1.75 risk:reward attempt.

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 May 29, 2024

May 29 2024

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