Forex Marketz Daily Forex News – Fully Markets Update
EUR/GBP (0.7048)
- Support Levels: 0.6929, 0.6892, 0.6827
- Resistance Levels: 0.7040, 0.7087, 0.7170
- Trade Strategy: Short Position opened at 0.7039
The EUR/GBP Forex market has started its downturn once again. Sellers are now looking to challenge support levels below the pivot at 0.70. Please refer to the below EUR/GBP daily MT 4 chart for today’s daily technical analysis.
Technical Analysis
Let’s look at today’s daily technical analysis in the EUR/GBP Forex market. There is a cluster zone that starts at the July 17 low (0.6930) that ends a 0.6957. A daily close below this level challenges the next technical support lining up at 0.6892. The alternative EUR/GBP technical analysis, should the euro reverse course and move higher, thus supporting this Forex market, notes technical resistance lining up at 0.7040. A break above this technical level challenges the next technical resistance at 0.7087.
Trade Strategy
Now let’s talk trading strategy. The overall EUR/GBP bearish tone is returning and this Forex market has turned back lower. I will now enter a short trade, which was activated at 0.7039. My initial target is 0.6957. For now I will enter a stop loss order to trigger with a move back above 0.7087. Once I book profit on half of this trade, I will move the stop loss to break even till I reach my first target level.
As far as economic risk, the calendar today is relatively quiet. There is nothing that will adversely affect this particular Forex market today. We could see some drifting with price action. As mentioned above, there is a short euro trade in play and I will let it run.
