Yesterday I SHORTED this pair from just below the WR1 pivot.
There was French and German Flash Manufacturing & Service PMI this morning so I banked the profit and waited to see what the print was.
All releases came out in green numbers and inevitably this gave a boost to the EUR.
Key now was the realease of the same data out of the UK.
This too came out in green numbers for Services amd red for manufacturing (mirroring the French and German print).
Before all this data EUR/GBP was drifting lower and I expect this direction south to continue.
However. The price has been stuck at 25 EMA which has so far supported the price and prevented EUR/GBP BEARS from driving the price south.
We need to see this EMA broken so in anticiaption of this, I've set a SELL STOP at .8620 which is 6 pips under the currenct price.
ON the H1 time frame RSI is declining as is MACD.
The red SELL line of the Andean Oscillator is rising and the green BUY line has crossed the signal line.
All these are BEARISH signals so its likely we may see the price decline.
There's Manufacturing and Services news out in the US at 14:45 but its uncertain how this will affect the market.
If the trade is triggered then place stops above the 25 EMA and look at the WPP pivot at .8583 as potential target though momentum will (as ever) determine stops and take profit.
There was French and German Flash Manufacturing & Service PMI this morning so I banked the profit and waited to see what the print was.
All releases came out in green numbers and inevitably this gave a boost to the EUR.
Key now was the realease of the same data out of the UK.
This too came out in green numbers for Services amd red for manufacturing (mirroring the French and German print).
Before all this data EUR/GBP was drifting lower and I expect this direction south to continue.
However. The price has been stuck at 25 EMA which has so far supported the price and prevented EUR/GBP BEARS from driving the price south.
We need to see this EMA broken so in anticiaption of this, I've set a SELL STOP at .8620 which is 6 pips under the currenct price.
ON the H1 time frame RSI is declining as is MACD.
The red SELL line of the Andean Oscillator is rising and the green BUY line has crossed the signal line.
All these are BEARISH signals so its likely we may see the price decline.
There's Manufacturing and Services news out in the US at 14:45 but its uncertain how this will affect the market.
If the trade is triggered then place stops above the 25 EMA and look at the WPP pivot at .8583 as potential target though momentum will (as ever) determine stops and take profit.