Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

EUR/GBP Technical Analysis: Opting to Stay in Short Trade

Published 04/24/2015, 08:14 AM
Updated 07/09/2023, 06:31 AM

Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.7311
  • Support: 0.7116, 0.7005, 0.6887
  • Resistance: 0.7222, 0.7384, 0.7444

The Euro may be carving out a bottom against the British Pound marked by the formation of a bullish Piercing Line candlestick pattern. A daily close above support-turned-resistance at 0.7222, the March 31 low, exposes the March 25 high at 0.7384. Alternatively, a reversal below the April 23 bottom at 0.7116 opens the door for a test of the 38.2% Fibonacci expansion at 0.7005.

We entered short EURGBP at 0.7311 and have since booked profit on half of the trade. Confirmation of reversal is absent for now and we will keep the rest of the position in play for now with a stop-loss at the breakeven level (0.7311).

EUR/GBP Technical Analysis: Opting to Stay in Short Trade

Original post

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.