Timing is everything in FX trading and my previous attempt to SHORT this pair failed when prices pushed higher into the resistance zone. My analysis tells me we should be headed lower from here and with GBP putting in a mild recovery on some pairs we may see a shift in sentiment.
I'm in at .7906 with a 23 pip STOP at .7928.
Target initially will be the 200 sma on M15 at .7838 but this trade will need to be managed if it makes progress.
I'm in at .7906 with a 23 pip STOP at .7928.
Target initially will be the 200 sma on M15 at .7838 but this trade will need to be managed if it makes progress.
Trade active:
Overnight EUR doggedly refused to lie down quietly as the BULLS refuse to concede ground but there are now signs the BEARS may be taking control. Sellers look to be jumping on board EUR/GBP SHORT and the price is on the move.
With GBP generally firmer across the board and EUR weaker, there's optimism that this trade may make progress from here. Initial target remains the 200 sma on H1 at .78 area but there's a possibility that this could be a major trend reversal and we could see EUR heading for .73 area.
With GBP generally firmer across the board and EUR weaker, there's optimism that this trade may make progress from here. Initial target remains the 200 sma on H1 at .78 area but there's a possibility that this could be a major trend reversal and we could see EUR heading for .73 area.
Trade active:
This trade has been a bit like drawing teeth.
The BULLS have refused to concede defeat and have doggedly pushed the price back to previous levels but now it looks as if all resistance has crumbled.
I'm still SHORT from .7906 and this trade has a slightly better than break even STOP.
I'm still looking at .7300 area for this trade but much depends on news over the next week or so.
The BULLS have refused to concede defeat and have doggedly pushed the price back to previous levels but now it looks as if all resistance has crumbled.
I'm still SHORT from .7906 and this trade has a slightly better than break even STOP.
I'm still looking at .7300 area for this trade but much depends on news over the next week or so.