The Euro hits a Monthly Low against the British Pound

Points to consider in this euro Forex market:

• Euro has now hit the lowest level in over a month against the British Pound.
• Short trade triggered and progress to first target swiftly.
• Trade strategy: Short EUR at 0.8995.

The EUR/GBP Forex market has now hit a fresh monthly low as prices fell from the 0.88 pivot level. The pickup we are seeing with volatility in this Forex market is mirroring what we are seeing across the global spectrum in asset classes since Donald Trump was pronounced the victor in Tuesday’s election for President of the United States. Please refer to the below daily MT 4 chart for today’s trade strategy.

Euro Technical Analysis

Let’s talk about today’s daily EUR/GBP technical analysis. A daily close below the first downside barrier lining up at 0.8781 will challenge the next technical support level that lines up at 0.8675. The alternative euro analysis, notes an upside barrier that lines up at 0.8885. A break above this first resistance barrier, challenges the next upside barrier at the November 2 high. This level is at 0.9050.

Trade Strategy

Let’s now discuss today’s trade strategy in this Forex market. I opened a short euro trade sale at 0.8995. The sale has progressed rather fast, already hitting the initial trade target. I have booked half the profits at 0.8885 and trailed the stop-loss to breakeven. I will leave the remainder of the trade open to try and capture further losses in this Forex market.