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EUR/USD Pushes Higher Ahead of UK Vote

EUR/USD Pushes Higher Ahead of UK Vote

Walker England, Forex Trading Instructor

Talking Points

  • The EUR/USD advances for the second day on Brexit polling
  • EUR/USD daily high resides at 1.1421
  • Bullish distributions begin at 1.1404: Bearish reversals signaled at 1.1343

The EUR/USD has continued to rise this morning, after rising as much as 101 pips in yesterday’s trading. Much of this advance has been predicated on recent polling for today’s UK referendum marginally leaning towards vote to remain in the EU. So far this news has been positive for the EUR/USD, however until the final vote has been tallied, traders will continue to monitor the short-term momentum for the pair.

EUR/USD 5 Minute GSI Chart

(Created using Grid Sight Index)

Monitor GSI in Real time! Get started HERE.

Displayed in the 5-minute chart above, the EUR/USD can be seen declining off the daily high at 1.1421. Using the GSI indicator, we can see that new short-term momentum has developed with a series of lower lows. However, after searching through 35,825,592 pricing points, GSI has indicated that price action has only declined 12 pips in 27% of the 102 matching historical events. Alternatively, prices have advanced a minimum of 15 pips in 42% of the matching events. Today’s first bullish distribution resides at 1.1404. If the EUR/USD trades through this value, it would suggest that the market is turning back in the direction of its predominant trend.

Traders watching for a bearish reversal in prices should continue to monitor the final bearish distribution at 1.1343. Prices declined 48 pips in only 1% of the 102 matching events. A move to this value should be considered a significant shift in the markets short-term trend. In this scenario, traders may begin targeting a drop to new daily lows under 1.1292.

What is GSI?

Grid Sight Index is a powerful big data indicator that can help you determine whether short-term trends will continue or reverse. GSI takes a snapshot of current price action and uses that to find similar events by studying millions of historical data points. Then it studies those events to show you how often the trend continued or reversed in the past.

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See Walker’s most recent articles at his Bio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

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