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
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
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
USD/JPY
Bullish
More View more
Real Time News
  • $USDJPY is continuing to trade at multi-month highs today, currently trading around the 106.90 level for the first time since August. $USD $JPY https://t.co/lYaK01mCcx
  • $EURUSD support test at the big fig 1.2000 made a bit less exciting by the incursion earlier in February, but interesting setup given Panetta remarks https://t.co/se9gUAxYt2 https://t.co/r8uTrWm1a6
  • ECB's Panetta: - Should not hesitate to increase purchases and to spend the entire PEPP envelope or more if needed - Eventually, commitment to steering the yield curve may allow us to slow purchases - Must establish that unwarranted tightening will not be tolerated #ECB $EUR
  • ECB's Panetta - The steepening in the nominal GDP-weighted yield curve we have been seeing "is unwelcome and must be resisted" #ECB $EUR
  • - The central bank should broadly identify what level of nominal yields it is aiming to achieve; tailor its purchases to achieve that level; and to be ready to intervene to the extent necessary #ECB $EUR
  • ECB's Panetta: - We need to anchor key financial variables like lending rates and the yield curve to support recovery and inflation #ECB $EUR
  • ECB's Panetta: - 2021 is still "a pandemic year" - Policy support will have to remain in place well beyond the end of the pandemic #ECB $EUR
  • 🇨🇦 GDP Growth Rate Annualized (Q4) Actual: 9.6% Expected: 7.5% Previous: 40.6% https://www.dailyfx.com/economic-calendar#2021-03-02
  • 🇨🇦 GDP Growth Rate QoQ (Q4) Actual: 2.3% Previous: 8.9% https://www.dailyfx.com/economic-calendar#2021-03-02
  • 🇨🇦 GDP MoM (DEC) Actual: 0.1% Expected: 0.3% Previous: 0.8% https://www.dailyfx.com/economic-calendar#2021-03-02
EUR/GBP Braces for a Possible Price Correction –Euro to British Pound Forecast

EUR/GBP Braces for a Possible Price Correction –Euro to British Pound Forecast

Mahmoud Alkudsi, Analyst

EUR/GBP Technical Forecast

See Our latest trading guides for free and discover what is likely to move the markets through Q4 of this year.

EUR/GBP – Hesitant Sellers

Last week, sellers resumed bearish price action and led EUR/GBP to close the weekly candlestick with 1.2% loss. On Monday, the pair declined further and printed 0.8393 – its lowest level in over seven months. However, the price rallied after, then closed with a bullish Doji pattern, highlighting seller’s indecision at this stage.

The Relative Strength Index (RSI) rose from oversold territory reflecting a slowing down downtrend momentum.

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

EUR/GBP Daily PRice CHART (Jan 1, 2018 – DEC 11, 2019) Zoomed Out

EURGBP price daily chart 11-12-19 Zoomed out

EUR/gbp Daily Price CHART (April 19 –DEC 11, 2019) Zoomed in

EURGBP price daily chart 11-12-19 Zoomed in

Looking at the daily chart, we notice on Dec 4 EUR/GBP tumbled to a lower trading zone 0.8497- 0.8400. This week, the price dipped below this zone however, rallied back later as some sellers took profit

A close below the low end of the zone could encourage more sellers to join the market and press EURGBP towards the vicinity of 0.8312-04. In that scenario, a special attention needs to be paid to the weekly support levels underlined on the chart as some sellers could exit the market at these points.

That said, a close above the high end of the zone would reflect more seller’s hesitation. This could correct the price higher and open the door for buyers to push the price towards 0.8627. Nevertheless, the daily and weekly resistance levels marked on the chart should be considered.

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

EUR/GBP Four Hour PRice CHART (April 15, 2017– DEC 11, 2019)

EURGBP price four hour chart 11-12-19

From the four- hour chart, we notice that EUR/GBP may be on course to develop the right shoulder of inverted head and shoulders. This suggests if the price breaks and remains above 0.8463 the pair could rally eyeing a test of 0.8529.

A break above 0.8497 could cause a rally towards 0.8529. Yet, the daily resistance level underlined on the chart should be watched closely. On the other hand, a break below 0.8389 may send EURGBP towards 0.8331. Although, the weekly support level underscored on the chart should be kept in focus.

See the chart to know more about key technical levels the price would encounter in a further bullish scenario.

Join Me on Friday, DEC 6 at 14:00 GMT. In this session we will talk about most Basic concepts in technical analysis

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