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
More View more
Real Time News
  • Heads Up:🇹🇼 Unemployment Rate (AUG) due at 08:00 GMT (15min) Previous: 4.36% https://www.dailyfx.com/economic-calendar#2021-09-22
  • Heads Up:🇿🇦 Inflation Rate YoY (AUG) due at 08:00 GMT (15min) Expected: 4.8% Previous: 4.6% https://www.dailyfx.com/economic-calendar#2021-09-22
  • Heads Up:💶 ECB Non-Monetary Policy Meeting due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-22
  • ECB's Muller - ECB to discuss raising regular QE when PEPP ends $EUR
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCZ9dzS https://t.co/PcCwPMAcBv
  • 🇨🇭 Current Account (Q2) Actual: CHF 11B Previous: CHF 16B https://www.dailyfx.com/economic-calendar#2021-09-22
  • Heads Up:🇨🇭 Current Account (Q2) due at 07:00 GMT (15min) Previous: CHF 16B https://www.dailyfx.com/economic-calendar#2021-09-22
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZjVIG https://t.co/f6mraHu6zv
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjKWitK https://t.co/JMsJPQlQ3j
  • 🇳🇱 Consumer Confidence (SEP) Actual: -5 Previous: -6 https://www.dailyfx.com/economic-calendar#2021-09-22
EUR/GBP Technical Analysis: Short Position Hits First Target

EUR/GBP Technical Analysis: Short Position Hits First Target

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.7382
  • Euro Recoils from Trend Line Resistance, Attempts to Clear Path Below 0.73 Figure
  • Profit Taken on Half of Short Position, Remainder Open with Stop-Loss at Breakeven

The Euro is attempting to build downside momentum against the British Pound after prices put in a bearish Dark Cloud Cover candlestick pattern. Sellers are attempting to clear a path below the 0.73 figure having recoiled from resistance guiding the down trend from August 2013.

A daily close below the 23.6% Fibonacci retracement at 0.7313 paves the way for a test of the 38.2% level at 0.7250. Alternatively, a reversal above trend line resistance – now at 0.7372 – opens the door for a challenge of the December 22 high at 0.7416.

Our entry order to short EUR/GBP at 0.7382 was triggered last week and prices have now hit the initial profit target at 0.7313. We have taken profit on half of the position and moved the stop-loss to the breakeven even on the remainder of the trade, leaving it active to capture any further downside momentum.

Losing Money Trading Forex? This Might Be Why.

EUR/GBP Technical Analysis: Short Position Hits First Target

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

DISCLOSURES