Forex Flash: Flat EUR/GBP should tire towards 0.8156 – RBS
Forex pairs in this Article »
EUR/GBP
FXstreet.com (Barcelona) - William Moore, Technical Market Strategist at RBS has taken a look at EURGBP from a technical perspective.
Moore begins by noting that the market has continued to grind higher on the weekly chart but that it is important for him to highlight that topside momentum is dwindling and it's beginning to dwindle as we approach the short term ceiling at 0.8156/62.
He feels that, "this is lining up for a great trade next week of fresh short positions with a slightly longer term time frame. The stop would be above the 0.8162 level on a weekly close basis and the target down at 0.7757. The message for today and tomorrow is hold off and evaluate tomorrow's close." Moore finishes by recommending that traders continue looking to fade EUR rallies toward the 0.8156/62 level especially if the doji reversal finishes formed this week.
Moore begins by noting that the market has continued to grind higher on the weekly chart but that it is important for him to highlight that topside momentum is dwindling and it's beginning to dwindle as we approach the short term ceiling at 0.8156/62.
He feels that, "this is lining up for a great trade next week of fresh short positions with a slightly longer term time frame. The stop would be above the 0.8162 level on a weekly close basis and the target down at 0.7757. The message for today and tomorrow is hold off and evaluate tomorrow's close." Moore finishes by recommending that traders continue looking to fade EUR rallies toward the 0.8156/62 level especially if the doji reversal finishes formed this week.
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