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Day trade
Trade view / 10 June 2016 at 5:52 GMT

Setback likely for EURGBP after demand stalls

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

Early demand on Thursday extended the previous days renewal of the upside for EURGBP. But the market lacked momentum short of £0.7900 and, although the subsequent setback found buyers at higher levels, minor net downside was posted.

This changed direction for the cross for a third day in a row and does not provide strong signals. Nonetheless it is the failure to attract significant buying, despite a rising Keltner channel, that gives the immediate tone a negative bias.

Management and risk description

A move to £0.7794 means the stop can be lowered to break even or better.


Entry: Sell in £0.7820/25 area and any rally to £0.7834.

Stop: £0.7860 bid.

Target: £0.7794 and £0.7774.

Time horizon: Intraday. London 1600 hours (1300 GMT) on Friday June 10

Mixed movement

Mixed Movement
 Highs fail
Highs Fail
Long-term trend
Long Term
All charts from CQG. Create your own charts with SaxoTrader; click here to learn more. 

For more on forex, click here.

— Edited by Robert Ryan

Non-independent investment research disclaimer applies. Read more


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