EURGBP’s bearish intraweek opening gap has further sent its price to a new 21-month low record! 

First Finlogix analysis today goes to the EURGBP cross pair.

As a result, my May 29 long trade plan as well has exited in another loss:

https://www.finlogix.com/analysis/20240529/eurgbp-intraday-analysis-and-trading-plan-for-may-29-2024

An updated even record of 3 wins and 4 losses.

There are no further high impact economic reports both in Europe and the United Kingdom this Friday.

Re-assessing EURGBP’s high timeframe candles:

Yearly Candle: Still a Red Body since last check 

Monthly Candle: Previous close is a Red Long Upper Shadow current is a Red Body with a Longer Head Wick

Weekly Candle: Previous close is a Red Inverted Hammer current is a Red Body with a Longer Head Wick

Daily Candle: Previous close is a Red Body with a Longer Head Wick current is a Red Inverted Hammer

Note: I’m using Tradingview.com under the EURGBP pair in FXCM Exchange to thoroughly re-assess these high timeframe candles.

The aggressive down wave that started last May 9 has continued and looks like not yet done.

Not looking good both in the yearly and monthly long term timeframes.

If bearish pressures further escalate, the July-August 2022 double bottom support trendline is put to the test!

Even another loss previously won’t stop me from opening a long order again.

I’m speculating that the July-August 2022 support trendline breaks down to collect all the sell side liquidity levels residing over there as well new long orders will be filled in.

The aggressive down wave can end over these levels.

If successful, I’m targeting a take profit towards the complete retracing of the current week’s bearish opening gap while putting a 100-pip stop loss move from entry only.

Let’s see if the seller beatings end soon while keeping this trade plan simple and straightforward.

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 June 14, 2024

Jun 14 2024

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