Published On: Thu, Mar 16th, 2017

EURGBP bullish after buyers at 13-day line

InstaForex

Background

Early price action on Wednesday extended Tuesday’s upside rejection lower. This decline took EURGBP towards the key 13-day moving average but that level went untested as Europe attracted buying interest. This demand was not extensive and only regained Asian losses but the key element was that the 13-day line remains intact, and with this likely to continue as a backdrop we’re looking for the Keltner channel to drag the cross higher.

Management and risk description

A move above 0.8773 means the stop can be raised to break even or better.

Parameters

Entry: Buy in 0.8740/45 area and at 0.8725.

Stop: 0.8695 offered.

Target: 0.8773, 0.8790 and 0.8807.

Time horizon: Intraday, ending 1600 GMT.

Positive channel

 Buyers return

 Long term

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— Edited by Susan McDonald
Non-independent investment research disclaimer applies. Read more

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