Day trade
Trade view / 30 June 2015 at 6:13 GMT

EURGBP rally to dominate backdrop in short term

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

A gap lower and initial selling took EURGBP to the most negative levels traded for eight years, below .7000. But these extremes provided an opportunity for the market to take profits after three down weeks in succession.

The resulting aggressive turnaround reached almost 2 big figs and took the cross to test the key 13 day moving average. That point held and that fact coupled with an Asian decline adds a strong note of caution to any assessment but signals are judged as positive.

Management and risk description

A move to .7136 means the risk level can be raised to break even.

Parameters

Entry: .7115/20 area and dip to .7095

Stop: .7061 offered

Target: .7146, .7168 or even .7180

Time horizon: Intraday today

Testing average
Testing Average













 Powerful turn
Powerful Turn
 Long-term
Long Term
Source: All charts from CQG - Create your own charts with SaxoTrader. Click here to learn more 

-- Edited by Adam Courtenay

For more on forex click here             


Non-independent investment research disclaimer applies. Read more
4y
AlanCollins AlanCollins
The Buy Dip to .7095 has proved successful, although positive momentum is less than originally assessed. Therefore we recommend taking some exposure off above .7115 with a stop now raised to .7082 at the extreme or as high as .7095.
4y
Mr. 4000 Percent Mr. 4000 Percent
...........

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Tradingfloor.com permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Tradingfloor.com and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Tradingfloor.com is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Tradingfloor.com or as a result of the use of the Tradingfloor.com. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through Tradingfloor.com your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. Tradingfloor.com does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail