Hey everyone,
I’d like to start a commentary on EUR/GBP. Please feel free to add any technical or fundamental/sentimental analysis for the EUR/GBP pair. Also, please feel free to add opinions and critiques all analyses presented here.
I am looking at a daily chart here. I am using a crossover system. My indicators are showing the formation of a downswing. Please take this trade suggestion with caution as EURGBP is very choppy. Luckily crossover systems are usually great for pairs with choppy price movement. Also, there seems to be turmoil with the euro which makes euro pairs somewhat unpredictable. Since it is the weekend, things may change by the time Monday rolls around. IF everything goes as planned then there are 60-180pips up for grabs.
Plan: Short. Current price= 0.8705. Target @ 0.8646, 0.8581, 0.8529. SL @ ~0.8802. Time frame is 2-5 days.
EUR/GBP formed a positive day reversal closing well above the 0,8530 level!! Only a daily closing tonight above 0,8560 will however confirm a s/t bottom!!
The indicators of the daily chart are however still well negative but those of the s/t ones turned all above the line supporting the correction. An hourly closing above 0,8560 will favour an extension of the rebound suggesting a test of the 200 hours line at 0,8581 with even an overshooting. This move up is a sell but we suggest waiting for levels above 0,8600.
I remain on the sideline
EUR/GBP failed to confirm the positive day reversal forming instead a negative outside day with now 0,8630 – 0,8500 the levels to follow in the coming hours. A break below the support will cause lower levels suggesting an extension of the drop toward the 0,8400 area!!
The indicators of the daily turned again negative and also those of the s/t ones are below the line. Just the indicators of the hourly chart are slowly turning above the line supporting a possible correction. The scenery in the s/t charts is however very well mixed suggesting further consolidation. Possible therefore a retest of the 200 hours line at 0,8572!
I remain on the sideline waiting for stronger signals!
EUR/GBP is still consolidating interior the negative outside day with 0,8630 – 0,8500 still the levels to follow in the coming hours. Only a break below the support confirmed by a daily closing will cause lower levels suggesting an extension of the drop toward the 0,8400 area!!
Tint,
As much as I appreciate the information that you provide I do believe it is being provided in a way that it detracts from the origonal posters thoughts. I would like to see you create your own threads with your analysis of the pairs. You are also bumping a post that by nature may not live for to long. please take this as contructive critisism because I can see what you have to say as providing some great information if displayed more usefully.
[B]Currency Pair : EURGBP
Analysis : Technical
Date : October 15, 2012
Color of analyse : Violet[/B]