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
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • EUR/JPY IG Client Sentiment: Our data shows traders are now at their least net-long EUR/JPY since Jan 14 when EUR/JPY traded near 122.23. A contrarian view of crowd sentiment points to EUR/JPY strength. https://www.dailyfx.com/sentiment https://t.co/PIrps86vUZ
  • The Nasdaq 100 ($NDX) has its record intraday high. Now is the point where we have the milestone and we start considering conviction. And, that sharp ascending wedge puts a lot of pressure on bullish control https://t.co/VJlAKLD75I
  • Senator McConnell says China will face consequences for its behavior - BBG
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: 0.45% Silver: -0.14% Oil - US Crude: -1.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fUy5sGQh7e
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.31%, while traders in US 500 are at opposite extremes with 76.93%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/K2JT5NtBzZ
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Gold: 0.64% Silver: 0.13% Oil - US Crude: -1.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ERG8JOGxZf
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: France 40: -0.23% Wall Street: -0.31% US 500: -0.36% Germany 30: -0.54% FTSE 100: -0.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/JEODi73ZcM
  • Finland's government states that is rejects EC proposal for recovery package as it now stands and demands change $EUR
  • GBP/USD is easing back Thursday after a week of gains as the June 30 deadline for the UK to ask for an extension of its Brexit transition period approaches. Get your $GBPUSD market update from @MartinSEssex here:https://t.co/ymQqurP9Nw https://t.co/pmPrbAgrC6
  • One for the ECB minutes to provide clarity - Lagarde says there was "broad" consensus over EUR 600bln boost in PEPP
EUR/GBP Technical Analysis: Short Position Hits First Target

EUR/GBP Technical Analysis: Short Position Hits First Target

2016-01-06 08:42:00
Ilya Spivak, Head Strategist, APAC
Share:

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

News & Analysis at your fingertips.