Watch for EURGBP decline to test key average
Trading was muted in EURGBP on Thursday. All price action was tightly contained within the preceding day's parameters, making the day an indecisive 'inside' day.
The market was bought at higher levels for a fourth day in a row, but was unable to build upon that bias. In fact net losses, while minor, were still the most aggressive for five trading days. That has been countered by an inability to break Tuesday's Marabuzo line. So while that adds a note of caution, signals are left negative.
Management and risk description
A move to 0.8765 means the stop can be lowered to break even.
Entry: Sell in 0.8790/0.8795 area and at 0.8806.
Stop: 0.8830 bid.
Target: 0.8765, 0.8754 and 0.8738.
Time horizon: intraday, ending 1500 GMT.
Inside day for EURGBP
Gradual decline in EURGBP
Long-term EURGBP trend
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— Edited by Robert Ryan
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