EURGBP, Daily
The pair is trading near the lower end of the a sideways move that started in March this year. This has been caused by a historical support from a multi-year sideways move between 2004 – 2007. Price has now reached a pivotal support created in the beginning of August this year. The range of this support area is 0.6937 and 0.6998 and has potential to turn the market higher.
As per Stochastics Oscillator EURGBP is oversold in weekly and daily time frames while in the 4h time frame it is just coming off the oversold area. The nearest daily resistance level (a low from November 5th) is currently at 0.7039, a level that coincides with the 30 period moving average while the upper end of the regression channel is not far either. We look for reversal signals at or inside the support range. In the case of successful long entry occurring the 0.7039 resistance works as a target one and 0.7108 as a target 2.
Janne Muta
Chief Market Analyst
If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:
http://www.topforexbrokerscomparison.com
About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
“My mission is to help you to become a confident and successful trader”
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.