x
Visit our new Mobile Website next time you access NetDania with your mobile device
Netdania News
FxWirePro: buzzing EUR/GBP bears on engulfing and long legged Doji patterns, major trend still stuck in range – trade tunnel spreads

Source FxWire Pro - Technicals Tuesday, 11 Sep, 2018 12:33:23 GMT
Back

EURGBP forms bearish engulfing and long legged doji patterns at 0.8985 and 0.9010 levels that plummets prices below DMAs, amid this bearish sentiment, the pair is attempting to breach below strong support at 0.8899 levels.

For now, more slumps seem to be on cards upon bearish DMA & MACD crossovers, and both leading oscillators substantiate intensified bearish momentum. 

Next stiff resistance levels are observed at 0.8966 (i.e. 7DMA levels). However, it is quite tough for the markets to push up through that region as the momentum which is in bearish favor approaching oversold zone, but then, you could notice %d crossover.

Currently, bulls are struggling to hold onto 0.8899 levels, if any failure swings are seen, then we expect a pullback from there. 

A decline through 0.8900-0.8870 support is needed to suggest a more significant turn back into the range around 0.8800 and potentially a re-test of the 0.8720-0.8690 range lows.

For now, the greater risk is to merely range at these upper levels. Long term, we still cannot rule out a retest of the 2008 highs at 0.9802. 

However, the risks of that decrease the longer we remain within this medium-term range under 0.9300-0.9710. On a broader perspective, the current prices remain above 7EMA despite this month’s slumps and go non-directional (refer monthly chart), leading oscillators are bullish bias and the lagging indicators indecisive but mildly bullish.

Trade tips: Well, on trading perspective, at spot reference: 0.8903 levels, it is advisable to tunnel spreads using upper strikes at 0.8937 and lower strikes at 0.8866 levels, the strategy is likely to fetch leveraged yields as long as underlying spot FX keeps dipping below but remains above lower strike on the binary expiry duration.

On hedging grounds, we advocate initiating longs in EURGBP futures contracts with a view to arresting further upside risks.

Currency Strength Index: FxWirePro's hourly EUR spot index is at shy above -42 levels (which is bearish), while hourly GBP spot index is edging higher at 85 levels (bullish) while articulating (at 12:04 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex

Source: FxWire Pro - Technicals
© FxWire Pro 2018. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.
Find a Top Broker
Global
Forex
25037.10
-62.4
-0.25%
2696.22
-5.58
-0.21%
6760.85
-10.8
-0.16%
5930.65
-527.01
-8.16%
11403.09
-10.28
-0.09%
21656.50
-109
-0.50%
2632.24
-22.64
-0.85%
7027.45
-12.25
-0.17%
25606.00
-215
-0.83%
5747.50
11.3
0.20%
10576.30
-6.2
-0.06%
1211.06
7.88
0.65%
65.81
-0.02
-0.03%
1.13121
0.0001
0.01%
113.563
-0.23
-0.20%
1.29838
-0.003
-0.23%
0.72331
0.0003
0.04%
1.32472
0.0023
0.17%
128.46400
-0.253
-0.20%
0.87120
0.0021
0.25%
147.44900
-0.648
-0.44%
1.00603
0
0.00%
1.13805
0.0002
0.02%
0.67900
0.0021
0.31%
96.98700
0.029
0.03%
Top Gainers
Name
Last
+/-
%
2.61
0.96
58.18%
13.13
4.60
53.93%
0.91
0.18
24.08%
6.13
1.12
22.36%
4.61
0.75
19.43%
17.95
2.81
18.56%
0.20
0.03
17.75%
37.69
5.54
17.23%
3.09
0.45
17.04%
2.63
0.38
16.63%
Top Losers
Name
Last
+/-
%
1.67
-1.59
-48.77%
1.67
-1.22
-42.22%
0.05
-0.03
-37.50%
0.44
-0.20
-31.97%
2.05
-0.92
-30.98%
4.14
-1.76
-29.83%
0.31
-0.12
-26.81%
1.67
-0.59
-26.11%
13.73
-4.02
-22.65%
0.41
-0.11
-21.15%
NetDania does not guarantee the accuracy of data contained on this website, nor do we guarantee that data is real-time. Data on this website may be provided from OTC market sources and market makers, and not necessarily from exchanges. The provided price data is indicative and may not be appropriate for trading or decision making purposes. NetDania does not assume any responsibility for any losses incurred from the use of the provided data.
NetDania does not endorse or promote any broker or financial service. NetDania is a pure technology provider offering its software with broker integration. Any user of NetDania software must be an existing client of one of our supported brokers. NetDania showcases NetDania technology for the purpose of demonstrating it towards brokers and other institutions looking to white label the technology on a software subscription contract. No financial services are offered, promoted or recommended. NetDania is compensated as a technology provider by its institutional clients including its integrated brokers. It is the sole responsibility of any recipient employing or requesting an offering to comply with all applicable legislation or regulation affecting it.

Persons or entities including approved brokers not belonging to the NetDania Group may advertise on the NetDania and its Group’s websites, through links, banners or otherwise. We have not taken any steps to verify the accuracy, quality or reliability of any products, information or services provided by third parties that have links on our website. We accordingly provide no warranties with regard to and disclaim responsibility for any such products, information or services and exclude all liability in this regard to the fullest extent permitted by relevant laws and regulations. If a user of the NetDania Group’s websites decides to act upon any such advertising, such user does so entirely at its own risk.

NetDania’s website may be accessed worldwide. The Information provided on its website is however only intended for use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. None of the offerings services referred to on this website are available to recipients residing in countries where the provision of such offerings would constitute a violation of mandatory applicable legislation or regulations. It is the sole responsibility of any recipient employing or requesting an offering to comply with all applicable legislation or regulation.

HIGH RISK INVESTMENT WARNING:
End-users of the NetDania software that make use of the trading integration features as direct clients of integrated brokers, should be aware of the level of risk carried by trading in financial markets. Trading foreign exchange and or other financial instruments on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or more of your initial investment, and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading, and seek advice from your broker and or an independent financial advisor if you have any doubts. Anyone opening a live trading account needs to adhere to the laws of their local country as such laws may differ from country to country.
NetDania expressly disclaims any liability for any lost principal or profits which without limitation may arise directly or indirectly from the use of or reliance on information on our website or the use of our software with broker integration.
Copyright © 1998 -2018 NetDania Creations ApS, Kronprinsessegade 36, 1st floor DK-1306 Copenhagen K, Denmark, +4536980409, Contact NetDania by email, CVR-nr.27976670 Terms And Conditions and Privacy Policy