We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Mixed
More View more
Real Time News
  • While Sino-US trade jitters are temporarily abating, China-Swedish trade tensions are rising as a part of a political contagion of growing economic hostilities between nations across the world. Get your market update from @ZabelinDimitri here:https://t.co/F1fVoyzoz5 https://t.co/z49NzgZrXd
  • RT @malkudsi: Natural Gas Eyes Pushing Higher as Support Holds - Nat Gas Technical Analysis More details in the link below: https://t.co/HG…
  • As prices dance around on charts, traders are often looking for reasons to explain price movements; however, the underlying source of price movement boils down to the relationship between supply and demand. Learn more about the forces of S&D on forex here: https://t.co/8LfkLXbj2W https://t.co/swcuwAMGAk
  • How can traders avoid #FOMO in trading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/vwUShQPc27 #tradingstyle https://t.co/4adyTWvQ22
  • What are the Market cycles? How are #currencies impacted in these cycles? How can these cycles impact #forextrading patterns? Find out here: https://t.co/ckr2fUOWqW https://t.co/gLJGj1FAOC
  • Central bank independence has several advantages and disadvantages. Find out what they are in-depth with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/J0MMkVmCUu
  • Get your stock market basics right - what is the stock market and how does stock trading work? Find out here: https://t.co/JfAJLAtlsY https://t.co/ZfPUxHWeiG
  • The Mexican economy contracted for the first time in almost 10 years in 2019, but growth is expected to pick up in 2020 according to its finance minister. Get your $USDMXN market update from @HathornSabin here: https://t.co/gupJdU7WYT https://t.co/mMN8LFb5i5
  • EUR/USD has been weakening since the start of 2020 and the decline has accelerated this month. At some point there will be a correction but further losses are still likely as the year progresses. Get your $EURUSD market update from @MartinSEssex here: https://t.co/ieJUBNeAIf https://t.co/Dw4f7DQocg
  • The $AUD has risen in anticipation of a deal Washington and Beijing. But the Australia-China trade relationship has not suffered much and may even have been helped by China’s spat with the US. Get your market update from @DavidCottleFX here:https://t.co/An7h5X0Zcz https://t.co/Rn7mLbS1EF
Webinar: ECB/BoE Playbook- EUR/GBP Shorts Target Key Support Zone

Webinar: ECB/BoE Playbook- EUR/GBP Shorts Target Key Support Zone

2015-10-19 18:28:00
Michael Boutros, Technical Strategist
Share:

Talking Points

EURGBP Daily

Webinar: ECB/BoE Playbook- EUR/GBP Shorts Target Key Support Zone

Chart Created Using FXCM Marketscope 2.0

Notes: EURGBP has continued to trade within the descending median-line formation highlighted last week with the pair stalling at the 61.8% retracement of the late September rally at 7308. Intraday divergence alongside a test of the 50 support in daily RSI suggests we may see a near-term rebound early in the week but the broader bias remains weighted to the downside sub-7386 (bearish invalidation level).

The focus remains on the support confluence at the highlighted region into the lower median-line parallel at 7260/77. Caution is warranted heading into the BoE testimony before the Treasury Committee tomorrow and the ECB Interest Rate Decision on Thursday with the releases likely to fuel added volatility in the sterling & euro crosses.

EURUSD Daily

Webinar: ECB/BoE Playbook- EUR/GBP Shorts Target Key Support Zone

Notes: The EURUSD posted an outside reversal day off the September median-line last week with the decline now coming into confluence support at the convergence of the October opening range high and the lower median line parallel extending off the monthly low at 1.1318 (near-term bullish invalidation). A break below this level shifts the focus back towards more significant support at the monthly open at 1.1175 (note the 100DMA at 1.1171).

Note that momentum has continued to hold sub-60 since the August high and a break of the March RSI support-trigger would suggest a more meaningful pullback is underway. That said, look for immediate resistance at 1.1385 (monthly high/reversal–day close) backed by the August reversal day close at 1.1512.

For updates on these setups and more throughout the week subscribe to SB Trade Desk

Relevant Data Releases

Webinar: ECB/BoE Playbook- EUR/GBP Shorts Target Key Support Zone

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex,contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Deskat 12:30 GMT (8:30ET)

Struggling with your strategy? Here’s the number one mistake to avoid

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

DISCLOSURES

News & Analysis at your fingertips.