News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
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
More View more
Real Time News
  • Tesla 2Q Earnings: 2Q REV. $11.96B, EST. $11.36B 2Q ADJ EPS $1.45, EST. 97C $TSLA
  • Amazon denies it will accept Bitcoin in statement - BBG #Bitcoin $AMZN
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.26% FTSE 100: 0.11% Germany 30: 0.11% US 500: 0.01% Wall Street: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/EWWKdCxx1c
  • Gold grinding lower, May 2019 trend-line may still come into play. Silver outlook a bit clearer with it trending lower below support. Get your market update from @PaulRobinsonFX here:https://t.co/q9ut8t96hM https://t.co/7LZ0xUCegm
  • Despite today's gains, AUD/USD continues its struggle to reclaim the 0.74 area $AUDUSD https://t.co/qOK1KdS1Cc
  • #Bitcoin back above $40,000
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.26% Silver: 0.06% Gold: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/xg34ZjLjAj
  • Bitcoin breaking out of its recent range, now eyeing the June swing-high above $40,000 $BTCUSD #Bitcoin https://t.co/8MfaqkMqPn
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.89%, while traders in Wall Street are at opposite extremes with 74.76%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/hk6vYPBEYV
  • DAX broke wedge formation, testing March trend-line. CAC bias looking lower yet after initial bounce. Get your market update from @PaulRobinsonFX here:https://t.co/dXHmVE4Obi https://t.co/XpYDPg5MGn
An "Ideal" EUR/GBP Short Set-up

An "Ideal" EUR/GBP Short Set-up

Kaye Lee, Head Forex Trading Instructor

Talking Points:

  • EUR/GBP Nears Rising Trend Line
  • A Much Larger Pattern in the Making
  • The "Ideal" EUR/GBP Set-up

EURGBP is widely seen as a slow-moving currency pair, but nonetheless, it is creeping back to retest the underside of a rising trend line on the weekly chart, as shown below.

Guest Commentary: EUR/GBP Nears Weekly Trend Line

Admittedly, now may be a little early to form a longer-term short, as the primary momentum on the weekly chart has merely turned sideways, and not down. However, it should provide at least a near-to-mid-term short opportunity that could turn out to be a much larger trade.

The daily chart of EURGBP has a rising wedge forming rather beautifully below the trend line, which is another case for a short. The zone between the upper wedge resistance and the underside of the longer-term trend line has been estimated as 0.8550-0.8620.

Guest Commentary: Rising Wedge Pattern in EUR/GBP

Some traders would already be short on the pin bar from October 24, but given how close the rising wedge support is on the daily chart, a sharper entry would be preferable.

Going down to lower time frames is always useful for reducing risk and getting better entries, so we’ll turn to the four-hour chart for guidance.

Although there are several patterns in play on the four-hour time frame, not of least of which is the sideways/symmetrical triangle, there are no new factors here that would significantly change the analysis.

Guest Commentary: Be Very Picky with EUR/GBP Shorts

As a result, the ideal trade set-up would be another push into the projected resistance zone accompanied by reversal divergence. That should be quite easily fulfilled, as there has already been one divergence. This trade is one to be picky about entries, as the reward-for-risk would be poor otherwise.

By Kaye Lee, private fund trader and head trader consultant, StraightTalkTrading.com

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

DISCLOSURES