22/5/2014: New Lows in EURGBP

I wrote a couple of weeks back that the markets and in particular a lot of the FX markets were decidedly lackluster these last 2-3 months.  As usual no sooner had I spoken than things picked up!

Yesterday we saw new annual lows in the EURGBP. Check out the chart below:

20140522 eurgbp weekly blog

 

EURGBP has been drifting lower for the last 8 weeks. Ever since the lower high on the 18th March ( with a nice trade able double top on the daily chart: see below) price has only been going in one direction. A reflection of sterling strength and euro weakness (or perhaps uncertainty until Draghi’s next speech). Price broke the 2014 lows of 0. 8156 on the 12th May. See the daily chart below:

20140522 eurgbp daily blog

The double top of the 18-25th March provided a nice Wallachie Fan 123 short. It also provided a nice level for a Binary Option No Touch Trade which expires tomorrow 23rd May.  Why tomorrow you ask?  Well I go on holiday on Saturday and I want to be completely flat when I go away.  No stressing about positions or markets whilst I’m away allowing me a chance to completely shut-off. An important but often overlooked element of trading.

We saw the slide accelerate earlier this week and presently we’re seeing the BRN of 0.8100 offer some support.  Should that break then I’m looking at moves down towards the 0.8030 region

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About FXTraderPaul

A professional Trader and Coach, FXTraderPaul blogs about his adventures from the front-lines of FX Trading. A Trader and educator who can walk the walk as opposed to merely talk the talk!

View all posts by FXTraderPaul

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