Day trade
Trade view / 30 August 2016 at 5:33 GMT

EURGBP signals point to temporary correction

partner and technical analyst / 3 c analysis
United Kingdom
Instrument: EURGBP
Price target:
Market price:

A weekly Evening Star at three-year highs is negative. The cross is also attracting sellers at a daily bear trend and prices are trading below their 13-day average rate. This all points to a temporary profit-taking pullback as signals continue to point lower.

Management and risk description

Allow room to sell the rally and lower stop to entry if the first target is met.


Entry: sell at market and also at 0.8562, the 13-day average rate.

Stop: 0.8594, the August 23 Marabuzo line.

Target: 0.8485, last week's low and 0.8427, the August 4 Marabuzo line.

Time horizon: today only.

EURGBP Weekly - Bearish Evening Star
EURGBP Quarterly - recovery to losses
 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
30 August
andrisnalin andrisnalin
Brilliant idea, thanks for it Steve.
30 August
Steve Lucas Steve Lucas
Thanks, np....going to take some profit and lower the stop to entry here.
01 September
Steve Lucas Steve Lucas
trade closed


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