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EURGBP Daily Breakout

EURGBP Daily Breakout

Walker England, Forex Trading Instructor


Market Condition: Breakout

Target 1: 50% Daily ATR at .6947

Target 2: 100% Daily ATR .6907

Invalidation: .7010

EURGBP 1Day Chart

(Created using Marketscope2.0 Charts)

The EURGBP continues to be one of 2015’s strongest trends. As of yesterday, the pair had declined as much as 1019 pips. Today marks a new low for the EURGBP, as the pair has now traded below the previous yearly low at .6987. This breakout adds to the technical case for further EURGBP weakness. As prices decline, pricing targets can be set using ATR. 50% of Daily ATR targets a price of .6947, while 100% of ATR targets a price of .6907.

In the event that the market fails to breakout to a lower, traders will watch for prices to return inside of previous support at .6987. If price moves back above .7010, the current breakout scenario would be considered invalidated. This would mark a new daily high for the day, and invalidate any previous breakout signals.

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