Forex Marketz Daily Forex News – Fully Markets Update
EUR/GBP (0.7141)
- Support Levels: 0.7060, 0.6929, 0.6867
- Resistance Levels: 0.7140, 0.7205, 0.7270
- Trade Strategy: Stand Aside
The EUR/GBP Forex market has taken a breather to digest gains. This comes after the euro broke through a three month old falling trend channel. Please refer to the below EUR/GBP daily MT 4 chart for today’s daily technical analysis.
Technical Analysis
Let’s delve into today’s EUR/GBP daily technical analysis. There is near term resistance lining up at 0.7140. A daily close above this technical resistance challenges the next technical resistance that lines up near 0.7205. The alternative EUR/GBP technical analysis, should the euro move lower, thus pushing this Forex market lower, notes technical support at 0.7060. A break below this area challenges a cluster zone that runs from the July 17 to August 5 lows or 0.6949 to 0.6930.
Trade Strategy
Now let’s look at today’s trade strategy for this Forex marker. There is some event risk on today’s economic calendar that can cause euro volatility. Both Germany and France are releasing second quarter gross domestic product numbers (GDP). These come out later this morning. Now let’s look at the technical analysis and charts.
The EUR/GBP price action is very close to a technical resistance level to warrant a long EUR trade. From a risk to reward perspective, such a move is not warranted at this time. There are also no bearish reversal signs to warrant a short EUR trade. Timing for that move is a bit premature.
Taking everything into account, I will opt to stand aside and monitor my charts for a more opportune trade opportunity to come along. For today, I a flat in the EUR/GBP Forex market.
