Forex Marketz Daily Forex News – Fully Markets Update
Some points to consider:
- The euro is stuck in a choppy range trade against the British Pound. This is below the 0.74 handle.
- There is no directional cues for a trade opportunity
- Trade Strategy: Stand Aside
The EUR/GBP Forex market is stock in a choppy range trade below the 0.74 pivot. This Forex market has been stuck here for the last two weeks after spiking to a four month high. This market is waiting on directional cues before making a move.
Technical Analysis
Let’s discuss today’s EUR/GBP daily technical analysis. There is range support around the August 31 low and the July 8 high. This area runs from 0.72222 and 0.72244. A daily close below this area will challenge the next technical support lining up at 0.7159/60. This is a significant resistance turned support level. The alternative EUR/GBP technical analysis, should the euro move higher, thus supporting this Forex market notes technical resistance at the end of a cluster area. This is also range resistance and it starts at the June 9 high running from 0.7387 to 0.7395. A daily close above this area challenge the next technical resistance lining up at 0.7442.
Trade Strategy
Now let’s look at today’s EUR/GBP trade strategy. This Forex market is stuck in a very choppy range trade pattern. Price action is pretty much in the middle of this range arguing against a long or short Sterling trade. There are no clear cut trading signals at this time. I would rather wait patiently for a correction higher to enter a short euro trade in line with my long term bearish euro outlook. Keeping all of this in mind, I will opt to stand aside and watch my charts for a more actionable trade opportunity to present itself. Today, I am flat in the EUR/GBP Forex market.