Forex Marketz Daily Forex News – Fully Markets Update
EUR/GBP (0.7837)
- Resistance Levels: 0.7895, 0.7955, 0.8030
- Support Levels: 0.7805, 0.7730, 0.7655
The EUR/GBP fell lower after the formation of a bearish reversal signal. Note the Dark Cloud candlestick below 0.8033, please refer to the above MT 4 daily chart. Should the market close below 0.7805 then we challenge a congestion area from 0.7750 to 0.7730. A break below that targets 0.7655.
Should the EUR/GBP move higher we need to close back above the technical congestion area at 0.7870 to 0.7895. Should this happen, buyers will then eye the resistance near 0.7955.
Trading strategy for today. From a risk to reward scenario, entering a short at this current price level is not very attractive. Instead of rushing, I will look to trigger a sell near 0.7840. Should this sale order be triggered, my target is the support at 0.7805. To cover loss risk, I will enter a stop loss above 0.7895.
Again, trading strategies are for educational purposes to help guide you with trading positions and strategies. We want to help you see different scenarios as you trade. They do not constitute trading advice.
