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Nial Fuller

NIAL FULLER
Professional Trader, Author & Trading Coach

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EURGBP – Euro/Pound Reverses Lower at Event Area Resistance

Following a multi-year run higher, the EURGBP topped out in October 2016 and has been trending lower since. In the daily chart below, you will notice two giant event areas that formed as this market changed direction and that price recently experienced a ‘vacuum’ back up to test these areas. We have a confluence of two factors that support our current bearish bias under 0.8850 resistance area: An obvious strong resistance area at the previously mentioned event areas which are now containing the market, and an approximate 50% retrace of the initial swing lower, both of which we can see below. For bears, it all depends on the ‘line in the sand’ at 0.8850; if price is below that containment level, we expect the market to trade lower. We are looking to be sellers on any pockets of strength and we would hold short positions until a strong break or close back above 0.8850. Downside targets are near 0.8340 or potentially even lower.

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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 15,000+ students since 2008. Checkout Nial's Professional Forex Course here.

Recent

  1. Petrus July 31, 2017 at 3:15 pm

    Thank you.
    I would like to know your advice or suggestion on how swing traders who are using daily time frame dealing with gapping up or down that usually happen on Monday.

    Reply
  2. Samuel July 31, 2017 at 11:57 am

    Great analysis.. your insight into the market is always refreshing. Keep it up Neil

    Reply

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