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:

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.


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
Source: All charts from CQG - Create your own charts with SaxoTrader. Click here to learn more 

-- Edited by Adam Courtenay

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Non-independent investment research disclaimer applies. Read more
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.
Mr. 4000 Percent Mr. 4000 Percent


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