Day trade
/
Sell
Trade view / 28 March 2018 at 7:14 GMT

EURGBP – Upside rejection renews selling pressure

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Price target: .8698
Market price: .8740
Background

The rally from last week's low extended in early trading Tuesday. But, as expected, this bounce lacked the momentum to break through, on a closing basis, a Marabuzo line from March 20 or the 13-day moving average. Minor net gains were still posted but it is the upside rejection that we look to begin a renewal of the selling pressure that has marked the last three weeks.

Management and risk description

A move below 0.8731 means the stop can be lowered to break even or better

Parameters

Entry: Selling 0.8748/53 area and at 0.8769

Stop: 0.8799 bid

Target: 0.8731, 0.8716 and 0.8698

Time horizon: intraday, closing 16:00 BST

Profit Taking
Profit Taking
 Rally Stalled
Rally Stalled
 
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
IL IL
Hi Alan, thanks for an idea. I 'm in, but not sure if I shall close now at 1600 BST or wait...
2y
marran marran
closed out with a 1 pip profit! living the dream
2y
IL IL
I think the euro should go lower
2y
IL IL
but I have closed too with 1 pip profit :-) - it's much better with the shorts in eurusd , we should do it instead of
2y
AlanCollins AlanCollins
haha Marran - love that 'living the dream'. Gald you both survived this mediocre call but tomorrow is 'another day in paradise' so fongers crossed.
2y
TradingFan TradingFan
Hi Alan, I'm keeping the trade open but with a trailing stop almost at breakeven... We'll see!

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