Day trade
Trade view / 30 June 2016 at 6:03 GMT

EURGBP presents scope for new highs

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Instrument: EURGBP
Price target:
Market price:

The setback from Monday’s two-year high deepened Wednesday. Prices declined by more than a big figure to take EURGBP back inside a Keltner channel that is still trending higher. But levels below the Marabuzo line created by Monday’s strong improvement attracted fresh buyers and that point held the downside, on a closing basis. That failure returns the technical focus to the topside with scope for new highs.

Management and risk description

A move to 0.8302 means the stop can be raised to break-even.


Entry: buy in 0.8280/0.85 area and any dip to 0.8259.

Stop: 0.8230 offered.

Target: 0.8302 and 0.8322.

Time horizon: intraday, ending 1600 London time, Thursday, June 30.

Marabuzo Line
Marabuzo Line
Setback limited
Setback Limited
Long term
Long Term
 Source: all charts CQG. Create your own charts with SaxoTrader; click here to learn more 

— Edited by Gayle Bryant

For more on forex click here

Non-independent investment research disclaimer applies. Read more
marran marran
do you see the euro going up against the dollar Alan?
AlanCollins AlanCollins
I did Marran. Positive call posted on Saxo's Tradermaker but with profit target at 1.1131 met, it may be too late to jump on that boat today.
marran marran
thanks alan
stevenwgm83 stevenwgm83
Nice call Alan. Sure took its own sweet time on this trade.... Surprisingly often technical analysis reveals what future Price Action before the news announcement
AlanCollins AlanCollins
Please Steven. and you're right about technical analysis. Its a very useful tool, in my opinion the best there is


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