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
Oil - US Crude
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
  • The $USD faces selling pressure against the Malaysian Ringgit and Philippine Peso. More losses may be in store in $USDMYR as $USDPHP descends through rising support from 2013. Get your market update from @ddubrovskyFX here: https://t.co/t3kmFpmg1w https://t.co/miBrgxmtkA
  • $AUDJPY has launched yet another attempt to breach a multi-month downward trend resistance after failing to break above it in September. Will two consecutive defeats precede a reversal lower? Find out from @ZabelinDimitri here: https://t.co/b3nWUu0QZy https://t.co/Lj0ZSWOdp1
  • The #Euro has breached resistance guiding it lower for nearly four months, setting the stage for gains. Any near-term rise is unlikely to derail the long-term downtrend, however. Get your Euro market update here: https://t.co/gl9VRc3XEp https://t.co/K2mQuEolQc
  • We just closed out the $DXY's worst weekly tumble since January 2018...and it still hasn't cleared this frustratingly restrictive channel https://t.co/cJedpn0g8D
  • Heads Up:🇬🇧 GBP U.K. Government Sits to Discuss Brexit due at 23:01 GMT (15min) https://www.dailyfx.com/economic-calendar#2019-10-18
  • “Gold Price Charts on Cusp of Major Breakout” - via @DailyFX Check out the preview of this week’s technical outlook for $XAUUSD below. Link to full analysis: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/10/18/xau-usd-xauusd-gold-price-charts-on-the-cusp-of-a-major-breakout.html https://t.co/7X6nkafn7D
  • With a #Brexit deal in focus and the US-China trade war de-escalating, G10 currencies’ central banks’ rate cut odds have receded. Get your market update from @CVecchioFX here: https://t.co/k7XkyKD7iW https://t.co/vaZV1vSWjP
  • ECB President Lagarde says Trump should stop criticizing the Fed with tweets -BBG
  • Politics continues to dictate volatility in the $GBP with option premiums at the highest since the 2016 EU referendum. Get your market update from @JMcQueenFX here:https://t.co/cpApmLPBgR https://t.co/vwpmpyZOam
  • The US Citi Economic Surprise Index dropped to 8 today, down from 44.9 on September 26th https://t.co/y3Jk0TUhJk
EUR/GBP Technical Analysis: Euro Uptrend Holds Amid Turkey Woes

EUR/GBP Technical Analysis: Euro Uptrend Holds Amid Turkey Woes

2018-08-17 01:30:00
Ilya Spivak, Sr. Currency Strategist

EUR/GBP Technical Strategy: Flat

  • Euro attempting to revive its uptrend against the British Pound
  • Congested near-term positioning doesn’t offer clear trade setup
  • Chart bias points higher but Turkey risk argues against longs

See our free guide to help build confidence in your EUR/GBP trading strategy!

The Euro is attempting to revive its four-month uptrend against the British Pound after recoiling from chart resistance above the 0.90 figure. Prices now sit squarely at the confluence of the rising trend floor set from mid-June and a former upside barrier guiding the down move from October 2017, now recast as support.

From here, a daily close above the 0.8960-68 area opens the door for a challenge of the 0.9017-33 zone, marked by a long-standing range top and the 38.2% Fibonacci expansion. Alternatively, a break below the lowest layer of current support – now at 0.8864 – exposes a rising trend line at 0.8822.

Euro vs British Pound Chart - daily

Current positioning looks too congested to extract a viable trading opportunity with acceptable risk/reward parameters. Furthermore, a clash between technical poisoning and the fundamental backdrop complicates trade selection. The immediate trend favors the upside but on-going worries about the spillover of Turkey’s troubles into the Eurozone warn against taking up the long side. In all, staying flat seems sensible.


--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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


News & Analysis at your fingertips.