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.

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
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
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
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Heads Up:🇦🇺 Markit Manufacturing PMI Final (SEP) due at 23:00 GMT (15min) Expected: 55.5 Previous: 53.6 https://www.dailyfx.com/economic-calendar#2020-09-30
  • 🇦🇺 Ai Group Manufacturing Index (SEP) Actual: 46.7 Previous: 49.3 https://www.dailyfx.com/economic-calendar#2020-09-30
  • The New Zealand Dollar’s correction lower against the Japanese Yen and US Dollar may be at an end, as NZD remains constructively perched above key chart support. Get your $NZD market update from @DanielGMoss here:https://t.co/8GiKFTfrMP https://t.co/d2nKfhTfqZ
  • Heads Up:🇦🇺 Ai Group Manufacturing Index (SEP) due at 22:30 GMT (15min) Previous: 49.3 https://www.dailyfx.com/economic-calendar#2020-09-30
  • Heads Up:🇺🇸 Fed Kaplan Speech due at 22:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-30
  • FDA expands U.S. safety inquiry into AstraZeneca vaccine: Reuters via BBG
  • I don't think there was even a meaningful 'hope' from the market that this was going to get through, so likely no risk retreat as part of an earnest disappointment https://t.co/9plviuDq0Y
  • House delays stimulus bill vote to allow for more time on talks - BBG
  • SA’s official Q2 unemployment rate at 23.3%, down from 30.1% in Q1. Get your $USDZAR market update from @RichardSnowFX here: https://t.co/coIzNSve7u https://t.co/bAGMxZVYYN
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.50% 🇨🇦CAD: 0.49% 🇦🇺AUD: 0.47% 🇯🇵JPY: 0.21% 🇨🇭CHF: -0.15% 🇪🇺EUR: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/84GPyworwF
EUR/GBP Technical Analysis: Attempted Euro Breakout Fails

EUR/GBP Technical Analysis: Attempted Euro Breakout Fails

2017-03-30 08:11:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • EUR/GBP Technical Strategy: Pending short at 0.8663
  • Euro spikes to two-week high but momentum conspicuously falters
  • Short entry order aims for improvement in risk/reward parameters

The Euro spiked to the highest level in two weeks against the British Pound but the single currency conspicuously failed to sustain momentum. It swiftly retreated back below resistance defining the near-term down move, suggesting signs of topping below the 0.88 figure remain intact.

From here, a daily close below the 0.8614-15 area (March 23 close, 38.2% Fibonacci expansion) opens the door for a test of the 0.8552-62 zone (February 17 close, 50% level). Alternatively, a move back above the 23.6% Fib at 0.8681 would invalidate the near-term down trend and expose 0.8787, the March 13 high.

Entering short seems compelling but prices are a bit too close to support to justify entering the trade at market from a risk/reward perspective. With that in mind, an entry order has been established to sell the pair at 0.8663. If triggered, the trade will initially target 0.8614, with a stop-loss activated on a daily close above 0.8687.

What makes EUR/GBP one of the top DailyFX trades for 2017? See our forecast and find out!

EUR/GBP Technical Analysis: Attempted Euro Breakout Fails

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

DISCLOSURES