Last Tuesday, the Australian dollar experienced its steepest drop of the year, falling by 1.18%, following higher-than-expected US inflation figures, which boosted the US dollar. However, the Aussie has since rebounded and is now trading at a two-week high against the US dollar. Investors are...
EUR/GBP can get higher
2020-02-04 • Updated
The British pound is hurt by concerns that Britain would reach the end of an 11-month transition period without agreeing a trade deal with the EU. EUR/GBP formed an interim bottom in the 0.8930 area and closed above the 50-day MA at 0.8490 on Monday. If the pair breaks above the 61.8% Fibo of the decline seen in the second half of January in the 0.8515 zone, it will be able to gain to 0.8550 (78.6% Fibonacci) and 0.8590 (January and December highs).
Trade idea for EUR/GBP
BUY 0.8505; TP1 0.8550; TP2 0.8590; SL 0.8485
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Bearish Scenario: Selling below 22.65 with TP1: 22.34 (intraday) and TP2: 22.02 (swing). Bullish Scenario: Buying above 22.70 with TP1: 22.90.
Intraday and swing scenarios based on price action and volume profile.