Forex Marketz Daily Forex News – Fully Markets Update
EUR/GBP (0.7078)
- Support Levels: 0.7030, 0.6950, 0.6882
- Resistance Levels: 0.7080, 0.7110, 0.7160
- Trade Strategy: Stand Aside
The EUR/GBP Forex market continues to inch higher as the euro corrects higher. This Forex market found support just below the 0.70 pivot. Please refer to the below EUR/GBP daily MT 4 chart for today’s technical analysis.
Technical Analysis
Let’s look at today’s EUR/GBP technical analysis. There is near term resistance lining up at 0.7080. A daily close above this level challenges the next technical resistance lining up at 0.7110. The alternative EUR/GBP technical analysis, should the euro push back lower thus pulling down this Forex market, notes technical support lining up at 0.7030. A break below this technical level challenges the technical support lining up at 0.6950.
Trade Strategy
Now let’s talk trading strategy for the EUR/GBP Forex market. There is little or no event risk on today’s economic calendar. This could cause the Forex markets to drift with little price movements in either direction. With the absence of economic news I will rely solely on my technical analysis and charts for today’s trade strategy. Price action in the EUR/GBP Forex market is very close to a technical resistance level to justify a long EUR trade. From a risk to reward perspective, a long trade does not make a lot of sense. There are no clearly defined bearish reversal signals at this time. Entering a short EUR trade is a bit premature. Keeping everything in mind, I will opt to stand aside and monitor my charts for a more opportune trade to come along over the next several trading days. For today, I am flat in the EUR/GBP Forex market.
