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
Subscribe
Please try again
EUR/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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • The US Dollar is moving higher after a blowout NFP report bolstered confidence in the US economic recovery. Markets will now turn attention to next week’s US inflation data which could boost the Greenback. Get your market alert from @FxWestwater here: https://t.co/Ud62r3hKRF https://t.co/dvvDCJvlbP
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/7g9pB8D9xK
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/OCLzmXaDCu
  • Technical analysis of charts aims to identify patterns and market trends by utilising differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/UZela9nSIm
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/7oqC3ykBbU
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/IgUIG55MbH
  • Supply constraints, rebounding global demand and rising inflation expectations may drive crude oil prices higher in the near term. Get your market update from @DanielGMoss here: https://t.co/ezPoAwcJt7 https://t.co/NMfk1cYSvE
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/OiRiBVeuzL
  • Crude Oil Prices Aiming Higher on OPEC Surprise, Inflation Expectations - https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/03/06/Crude-Oil-Prices-Aiming-Higher-on-OPEC-Surprise-Inflation-Expectations.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $CL #Crudeoil #OOTT #OPEC https://t.co/AKvXWX9DLQ
  • Given the size of the rally in the eleven months preceding the beginning of the current decline a broader sell-off looks warranted. Get your market update from @PaulRobinsonFX here: https://t.co/UxZiSulpwB https://t.co/raXvlzkGbV
EUR/GBP Technical Forecast: What Now After Testing Monthly Support?

EUR/GBP Technical Forecast: What Now After Testing Monthly Support?

Mahmoud Alkudsi, Analyst

EUR/GBP Outlook

See EUR and GBP guides and find out for free what is likely to move market prices through Q3 from Main Currencies and Commodities Forecasts

EUR/GBP– Bearish Market

Yesterday, EUR/GBP broke below the July 25 low (monthly support) at 0.8891 printing its lowest level in eight weeks. However, the price rallied after and settled above the 0.8900 handle.

Since Aug 21, the Relative Strength Index (RSI) has been moving below 50 emphasizing the bearish outlook of the pair.

Having trouble with your trading strategy? Need a hand? Here’s the #1 Mistake That Traders Make

EUR/GBP DAILY PRICE CHART (June 29, 2017- SEP 13, 2019) Zoomed Out

EURGBP price daily chart 13-09-19 zoomed out

EUR/GBP DAILY PRICE CHART (June 20 – 13 SEP, 2019) Zoomed in

Please add a description for the image.

Looking at the daily chart, we notice on Sep 5, EUR/GBP declined to a lower trading zone 0.8995 – 0.8890 since then the price has been looking for a test of the low end of the zone.

Thus, a close below the low end of the zone could press EURGBP towards 0.8852. Further close below this level may see the price trading even lower towards the vicinity of 0.8791-86. That said, sellers need to pay a close attention on the weekly support area and levels marked on the chart (zoomed in).

On the flip-side, any failure in closing below the low end could send the price towards the high end of the zone. Further close above the high end may push EURGBP towards 0.9051. In that scenario, buyers need to monitor closely the weekly resistance levels underlined on the chart.

Just getting started? See our Beginners’ Guide for FX traders

EUR/GBP Four-HOUR PRICE CHART (Aug 30 – 13 Sep, 2019)

EURGBP price four hour chart 13-09-19

From the four-hour chart, we notice yesterday EUR/GBP found resistance at 0.8974 - the Sep 10 high then declined and rebounded at the low end of the aforementioned trading zone.

Hence, a break above 0.8838 could send EURGBP towards 0.8791. Although, the weekly support level underlined on the chart should be considered. See the chart to know more about lower support levels the price would encounter in a further bearish move.

On the other hand, a break above 0.8940 may push EUR/GBP towards the high end of current trading zone. Nonetheless, the daily resistance level underscored on the chart needs to be watched closely. See the chart to find out more about higher resistance levels the pair would face in a further bullish move.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES