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EUR/GBP – Two trades lining up

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Colins-Technical-Takes.jpg

Recommendation: BUY EURGBP/THEN SELL SHORT AFTER NEXT RALLY

Current Trend: Short-term sideways. Med-term down. Long-term up (for euro).

Strategy: Buy EURGBP at current levels.

EUR GBP.png

Chart Setup: The EURGBP has moved sideways since early October. Right now it’s heading towards a resistance zone at line/s 2. Thereafter, I'm looking for a shortable pullback.

Strategy Details: Go long at current levels. Take profit at line/s 2 (0.9013-0.9033). Then sell short a reversal day/candle down from there.

Target: Up to 0.9013-0.9033 in the very short-term (lines 3). Then for shorting a reversal down, the target will be to 0.8925. So, two short-term trades are lining up/available here.

Stop-loss: For the long trade, stop is a close below 0.8878 (line 3). From 0.9000 raise it to a breaking of its prior one day low.

When shorting a reversal down, the stop will be a close above 0.9050 or above the high of the reversal day down (whichever is higher). From 0.8955 lower stop to a breaking of its prior one day low.

To subscribe to more research by Colin please go to his website www.themarket.co.za

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