ChaosTrader63

EUR vs GBP Not Technically Sound

FX:EURGBP   Euro Fx/British Pound
Looking at the EUR vs GBP normally I would be inclined to prepare for a bounce at support but with the ongoing issues between Greece and it's European creditors this pair could become unstable. The pair is approaching it's previous low of March at .70140 for the second time since finding support at this level. Normally I would be inclined to look for price to bounce from this resistance level but with the possibility of Greece departing from the euro             this would cause the euro             to depreciate beyond any previous support levels. With that said I still must look at the technical aspect of the pair since pure technical analyst is only concerned with price movements, not with the reasons for any changes. Overall the EUR vs GBP has been in a fall since 8-2-13 from .87693 before finding support at .77872 and resting for about four months and finally dropping to the March low at .70140 as mentioned before. As price gets closer to the support zone shown between .70140 and .70565 expect to see unstable price action and indecision candles as we await a possible outcome between Greece and it's European creditors. Visit me at www.fxatoneglance.com and have a great trading week. God bless!
SPQRapid
a year ago
True but the news if Grece will be out of the eurozone will be next in 2 weeks time in my oppinion . Grece will have a referendum on the 4 of July, a referendum in wich the population was advised to vote NO . So i think the trade is in no danger at least the upcomming week
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SPQRapid
a year ago
ups ! looks like it allready happend :)))
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