Forex Marketz Daily Forex News – Fully Markets Update
EUR/GBP (0.7218)
Three points to consider in this Forex market.
- The euro breaks lower from the trading range.
- Risk to award analysis argues against taking a short euro trade at this time.
- Trade Strategy: Stand aside
The EUR/GBP Forex market has broken out of the trading range to the downside as sellers are eying the 0.72 pivot level and lower. Price action in this Forex market had been locked in a choppy trading range after finding strong resistance near the 0.74 horizontal pivot. Please refer to the below daily EUR/GBP MT 4 chart for today’s technical analysis.
Technical Analysis
Let’s discuss today’s EUR/GBP daily technical analysis. There is technical support lining up at 0.7209. A daily close below this technical support will challenge the next technical support lining up at 0.7144. The alternative EUR/GBP technical analysis, should the euro break higher, thus supporting this Forex market, notes a cluster resistance area that runs from a former support level. This area is at 0.7245 to 0.7473. A break above this area challenges the next technical resistance level at 0.7338.
Trade Strategy
Now let’s look at the daily trade strategy for the EUR/GBP Forex market. There is no trade setup at this time and here is why. Price action is currently at a technical support level. From a risk to reward standpoint, taking a short euro trade is premature. There are no bullish reversal signs at this time. This means there is no long EUR trade. Taking all of this into account, I will opt to stand aside and monitor my charts for a better trade opportunity to come along. Today, I am flat in the EUR/GBP Forex market.
