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Old 27-02-2018, 09:51
AndreaFM AndreaFM is offline
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Default Re: Daily Market Analysis by ForexMart

EUR/GBP Technical Analysis: February 26, 2018

The euro against the British pound broke lower than the Friday trading session and reach lower than the level of 0.88. There is a massive support around the area with a lot of noise in the long-term.

The presence of noise will most likely persist with the headlines as the result of negotiations between Brussels and London which is likely to influence the pair. At the same time, traders should anticipate for volatility. Looking at the weekly chart, the pair ranges 300-pips and it will remain for some time until there is a definite proposition for the negotiation. The market should anticipate for this to continue in a while.

Traders could utilize in accordance to the stochastic oscillator as they will be trading back and forth in short-term. There is also a probability for negativity with the level of 0.87 in the floor below. The closer this level can be reached, it is wise to buy in this market and will be the focus on this move. Traders could sell at some point and volatility is likely to persist unless it turns around higher than the level of 0.8840. Hereinafter, buying is possible and continues to be volatile. However, if you are not strong enough and focus on the consolidation of the area and a lot of opportunities to gain profit in a well-defined rectangle.
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