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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

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
Wall Street
More View more
Real Time News
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.01% FTSE 100: -0.00% France 40: -0.01% US 500: -0.24% Wall Street: -0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/A9KnXteeI4
  • $USDMXN: From a trading standpoint, look to reduce long-exposure / raise protective stops on a stretch toward the upper parallel. Get your USD/MXN technical analysis from @MBForex here: https://t.co/qHFiOObN9W https://t.co/TATFWDkLxS
  • Heads Up:🇺🇸 Fed Barkin Speech due at 18:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-07
  • Heads Up:🇺🇸 Fed Daly Speech due at 18:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-07
  • President Trump says Americans will get another stimulus check
  • Poll: Do you think gold will resolve its congestion with a 'true break' (with follow through as opposed to false break) to the upside or downside? $GC_F
  • looking at $USD range, a few mania markets and focusing in on FX major pairs through the Q3 open - webinar starting right now https://www.dailyfx.com/webinars/980972059 https://t.co/yMyVtpXaY3
  • Gold looks to be under some serious pressure to pick a direction. The metal's advance is now in direct conflict with the range high from late 2011 to 2012 around 1,800. $XAUUSD https://t.co/d7WVn7HVT5
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.06%, while traders in NZD/USD are at opposite extremes with 73.56%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/5rT7BVcp1G
  • Heads Up:🇺🇸 Fed Quarles Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-07
Euro Forecast: EUR/GBP Broke Month-Long Range. What Next?

Euro Forecast: EUR/GBP Broke Month-Long Range. What Next?

2019-11-13 05:00:00
Dimitri Zabelin, Analyst

Euro Outlook, EUR/GBP, Brexit – TALKING POINTS

  • EUR/GBP finally broke through 0.8597-0.8642 congestive range
  • Downside break has exposed pair to key support level at 0.8491
  • But technical cues are signaling upside momentum is gaining

Learn how to use political-risk analysis in your trading strategy!

After trading between 0.8597-0.8642 since mid-October, EUR/GBP appears to have finally committed to a directional preference after the pair had a downside breakout that was met with follow-through. Looking ahead, traders will be eyeing support at 0.8491. In the meantime, an accelerated selloff may ensue now that a major digestive zone appears to have been finally broken.

EUR/GBP – Daily Chart

Chart showing EUR/GBP

EUR/GBP chart created using TradingView

Having said that, positive RSI divergence is signaling that downside momentum is fading despite EUR/GBP’s decline. Seeing how this manifests will be crucial to watch because of the implications it has for the pair’s trajectory. Now, if the pair hits 0.8491 and rebounds, EUR/GBP may find itself stuck between that level and the lower bound of the prior congestive zone it just breached.

Conversely, if the pair’s descent continues and ends up puncturing 0.8491 with follow-through, this could mark a tectonic shift in the pair’s trajectory. In order to understand the magnitude of such a price move, traders may benefit from taking a wider perspective.

Looking at a weekly chart shows how a range between 0.8300 and 0.8477 has served as support ever since the Brexit Referendum in 2016. EUR/GBP is only a little over one percent away from testing the upper range of the multi-layered floor. Therefore, even testing this range has significant technical implications because it is in essence flirting with an over three-year support zone.

EUR/GBP – Weekly Chart

Euro Forecast: EUR/GBP Broke Month-Long Range. What Next?

EUR/GBP chart created using TradingView

However, despite this being a technical piece, a fundamental factor that could quickly reverse or accelerate the downtrend needs to be disclosed. It should be noted that political volatility relating to Brexit and the UK general election could skew the technical setup because of the significant impact the EU-UK divorce has on the latter’s economy and by extent the British Pound.

To learn more about how politics impacts markets, see my guide on it here.


--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

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


News & Analysis at your fingertips.