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
Wall Street
Bearish
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
Bearish
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
  • Gold prices are plodding along below symmetrical triangle support, with momentum indicators starting to point lower. Get your market update from @CVecchioFX here: https://t.co/9JDAY4QlnJ https://t.co/ftL6JbIC3c
  • Ouch. S&P Global said today that El Salvador's announcement that Bitcoin was legal tender represented an 'immediate' negative credit risk to its B- standing. They warn of trouble with IMF fund access and fiscal vulnerabilities. #Bitcoin
  • 🇺🇸 Overall Net Capital Flows (JUL) Actual: $126B Previous: $32B https://www.dailyfx.com/economic-calendar#2021-09-16
  • 🇺🇸 Foreign Bond Investment (JUL) Actual: $10.2B Previous: $10.9B https://www.dailyfx.com/economic-calendar#2021-09-16
  • US equities have come under a bit of pressure recently which has played in nicely with the recent trend in the S&P 500, which has been bouncing off a key trendline support for the past year. Get your market update from @HathornSabin here:https://t.co/QIyCQJUasG https://t.co/LxuUGGY4yS
  • Heads Up:🇺🇸 Overall Net Capital Flows (JUL) due at 20:00 GMT (15min) Previous: $31.5B https://www.dailyfx.com/economic-calendar#2021-09-16
  • Heads Up:🇺🇸 Foreign Bond Investment (JUL) due at 20:00 GMT (15min) Previous: $10.9B https://www.dailyfx.com/economic-calendar#2021-09-16
  • Gold on the back foot today, but has rallied off the session low of $1,744 $XAUUSD #Gold https://t.co/PKawUT15S0
  • El Salvador's adoption of Bitcoin as legal tender has immediate negative implications for the country's credit rating - S&P Global via BBG $BTCUSD #Bitcoin
  • A stellar retail sales report takes the USD to fresh session highs and raises the probability of a more hawkish Fed at next week’s meeting. Get your market update from @JMcQueenFX here:https://t.co/upf3QgIuty https://t.co/SZaPbW5W4r
EUR/GBP Technical Analysis: 3-Month Range Floor Support Exposed

EUR/GBP Technical Analysis: 3-Month Range Floor Support Exposed

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 0.8824
  • Euro recoils from resistance, suffers worst two-day drop in over a month
  • Short position activated, looking for a retest of recent range floor support

The Euro looks vulnerable to deeper losses after suffering the worst two days in over a month against the British Pound. Prices recoiled from resistance capping the upside since mid-October after putting in a bearish Evening Star candlestick pattern, with the medium-term range floor now in the crosshairs.

From here, a daily close below the 0.8733-46 area (September 27, November 1 lows) opens the door for a test of the 38.2% Fibonacci expansion at 0.8689. Alternatively, move back above former support in the 0.8842-65 zone, now recast as resistance, paves the way for a retest of the 38.2% Fib retracement at 0.8925.

Technical and risk/reward parameters appeared compelling and a short EUR/GBP position was activated at 0.8824, initially targeting 0.8746. A stop-loss will be triggered on a daily close above 0.8865. Profit on half of the trade will be booked and the stop moved to breakeven when (and if) the first objective is met.

Not sure where to start on your EUR/GBP trading strategy? Check out our beginners’ guide!

EUR/GBP Technical Analysis: 3-Month Range Floor Support Exposed

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

DISCLOSURES