Day trade
/
Buy
Trade view / 20 March 2018 at 7:58 GMT

EURGBP – Temporary bounce, but gains targeted

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Price target: 0.8853
Market price: 0.8792
Background

This week's bearish bias was proved by initial downside yesterday. But although a fourth down day in a row was posted, the lows, and oversold extremes, were firmly rejected. More than half of the initial decline was regained and although that only took EURGBP back to the 200-day moving average, intraday studies are left temporarily positive looking for a more pronounced test of the moving average area.

Management and risk description

A move to 0.8823 means the stop can be raised to break even.

Parameters

Entry: Buy in 0.8785/90 area and at 0.8765

Stop: 0.8745 offered

Target: 0.8823, 0.8840 and 0.8853

Time horizon: intraday, closing at 16:00 GMT

Testing Average

Testing Average
 
Lows Rejected
Lows Rejected
 Long Term
Long Term
All charts from CQG

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
2y
TradingFan TradingFan
Good Morning Alan, on board...
2y
Mr.yaser Mr.yaser
Good afternoon - Is the trend still bearish?
2y
Alan M Alan M
Unlucky on this one Alan, I got low ticked on this one late last night, extremely annoying. But I still think this is worth watching
2y
AlanCollins AlanCollins
perhaps. but yesterdays call was counter trend and not correct. Sellers have regained control and, this monring, we're looking at the downside
2y
Alan M Alan M
True, but this time yesterday it looked supported haha. I was trading the CFDs for this one, and the lowest tick printed at 9:50 last night hit my stop. Cant help but wonder when I see something like that

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