Forex Marketz Daily Forex News – Fully Markets Update
Points to consider in this euro Forex article:
- The euro looks to be carving out a possible double top below 0.88.
- Still waiting on confirmation to occur.
- Trade strategy: Stand aside.
The EUR/GBP Forex market might be turning lower as this Forex market is forming a possible double top. If you note the below daily MT 4 chart, which we will use for today’s technical analysis, there is a shooting star candlestick trying to form. These hints at ebbing upside momentum and a looming downturn for the euro.
Euro Technical Analysis
Let’s discuss today’s EUR/GBP daily technical analysis. There is near term technical support lining up at the end of a congestion zone starting at the trend line. This first downside barrier is at 0.8581 to 0.8608. A daily close below this first downside barrier challenges the next technical support lining up at 0.8502.
The alternative technical analysis, notes a congestion zone from the August 16 high. This upside barrier is at 0.8725 to 0.8778. A break above this upside barrier challenges 0.8915.
Trade Strategy
Let’s discuss today’s trade strategy for this Forex market. There is no actionable trade at this time. My fundamental outlook for the euro remains bearish but a shooting star by itself is not a good enough reason to place a short EUR trade. We need confirmation of the double top. For now, I will stand aside in this Forex market until a better short sale signal develops. For now, I am flat in the EUR/USD Forex market.
