Forex Marketz Daily Forex News – Fully Markets Update
The euro has been rising against the British Pound at a steady clip. Mostly on ever present Brexit news in the headlines. The euro is now testing a key area above the 0.90 pivot.
News of two terrorist attacks in Barcelona which killed 13 people and injuring more, has not slowed the euro down. ISIS has claimed responsibility for the attacks. Otherwise, the euro had briefly turned lower after the latest European Central Bank (ECB) minutes release disappointed investors looking for news about the central bank starting to temper its massive quantitative easing program. However, follow through has been limited and the single currency unit has inched back higher.
Euro Technical Analysis
Let’s look at todays EUR/GBP daily technical analysis. Price action has taken the euro higher. A daily close above the first upside barrier linin up at 0.9135 challenges the next upside barrier lining up at 0.9230.
The alternative technical analysis notes the first downside barrier that lines up at 0.9060. A break below this first support layer notes the next downside barrier lining up at 0.8985.
From a trade standpoint, I had a long euro trade at 0.9068. This trade has hit its initial target and 50% of the profits were booked. The rest of the position remains open to capture further strength in this Forex market. Then the position was closed at breakeven.
There is no trade opportunity at this time so will sit on the sidelines for now. Also, there is a great deal of uncertainty with the Trump administration and its ability to govern and pass its fiscal policy. There is also a lot of strain on President Trump and his controversial tweets concerning white supremacists after the violence in Virginia.
