EURGBP Analysis, May 05, 2025
EURGBP on TF M15 is in an uptrend phase, indicated by a series of higher highs and higher lows, and the price is above the 200 Moving Average line. It can be seen that the price previously made a retracement downwards, but immediately bounced strongly from the support area which is now marked with a green zone. Currently, the price is approaching the zone again, which has the potential to be a buyer reentry area if there is a positive price reaction. This shows the characteristics of a pullback in a healthy uptrend.
Wait for the price to retest the green support zone at a price of 0.8515 and watch for the formation of a bullish reversal candlestick pattern. Buy entry can be done in this area with a target to resistance around the price of 0.8536, and a stop loss below the support area at a price of 0.8507