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Thomas Long, Course Instructor

eurgbp 041410

Although this pair does not show the long-term weakness on the daily chart that I like to see, this trend is down and may be just beginning to pick up some steam. In this situation, waiting for a move down through support might be a better play than using an indicator to help time the entry. I like to see some sort of confirmation of the sellers being in control of a market that does not show the same strong trending move on the daily chart as some of the other EUR pairs show. A move down through the .8800 level would indicate that selling pressure is picking up and might offer that confirmation. Protective buy stops should be placed above this high with target to take profits set at twice that risk for a 1:2 risk:reward ratio.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.