Vladimir Ribakov identifies a day-trade setup in EUR/GBP at a psychological round number and resistance zone. He spots bearish divergence on MACD and RSI, a double top pattern, and lower-low formation on the 4-hour and 1-hour charts, suggesting a strong correction is coming.
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Hey guys, how are you? Vladimir Ribakov here from Traders Academy Club. I hope you are well and safe, and this video is a daily market analysis, and today we have a day trading opportunity for 21st of May 2020. Well, for me and my wife, it's a special day. Today we are together 14 years. I know for some it sounds like we are still kids, for some other sounds we are dinosaurs. For us it's 14 years, it's important day. So I just wanted to share with you our happiness. If you are new to the community and to the channel, so first of all, welcome to our community. I would like to invite you to subscribe to the channel. Just follow the subscribe button below this video and remember to enable the ring notification. As well, I would like to invite you to join our trading club and to join our free Telegram channel. Both links could be found below this video in the description and in the comment section in the pinned comment. For today, I have the euro pound, which I find super interesting, and here is why. Watching on pivots levels, not something I typically do, but I wanted to share with you the levels because it has a lot of value in the analysis I have currently. So we are around the psychological numbers. This is something I pay attention to always. That's 09, round number. We have monthly and weekly resistance levels here. It's pretty strong zones, and moreover, it's, as you can see, also very strong resistance area from the past trending conditions we had. Besides that, the way that the market currently builds itself is in a waving structure, uh, which with a bearish divergence, which could be found also on the moving average of the MACD and the histogram, of course, but also on the Relative Strength Index indicator bouncing from 80, creating the next high below. It's a very strong sign. And if I take a look on the statistical indicator which I use, also take a look on the series of the days we have here. 20, 23, 24. Very strong, uh, statistical, uh, um, series of days for a potential resistance. So we have it as a very, very strong combination. And the way I see that, you can see the 4-hour chart MACD just crossing the— trying to cross here to the negative zone. The one-hour chart already did that, trying to also break below this rising trend line and start to create some lower low series, bouncing also from this double top. So if there will be no surprises, then I believe that for the euro pound, this area should be a good area to deliver some interesting corrections. So my view is bearish from this zone of key resistances I just showed you. Let me know what do you think about the euro pound. How do you see that? What would be your expectation from this pair? Yesterday I shared the idea of the dollar franc. If you missed right now on the right top corner of the video, you can watch this video. This idea failed to deliver. I was looking to get a continuation from here, and the moment I drop my view is once the market shows contradicting signs. So If it was making the ABCD, I would expect to see continuation. Instead, it made three higher highs, three higher lows, which is a bullish trending structure against the analysis. This is exactly the time to drop the view. The analysis fails. No need to force anything on the market, and the oil starts to be very interesting. If you miss this one. Couple of days ago, I shared with you this video. Then again, right now on the top corner of the video, you can find the direct video, direct link to this oil analysis. And we reached the zones we wanted. We are dancing there with divergence and the two twenty candles right on the Bollinger Band. So watch this video for the explanation if you missed it and you are interested. And as I said, for today, for me, it's the euro pound. So I hope you find it interesting and useful as well. Thank you very much for your time watching this video. I wish you all the best, and I'll see you again with the weekly forecast during the weekend. And meanwhile, you can take a look and watch the previous week forecast. There are several instruments that made. Fantastic moves. I wish you the best. Thanks for your time, and I'll see you soon. Yours, Vladimir Bakov, Traders Academy Club.
