Forex Trading Technical Strategy

eurgbp-hourly-23-feb-09
  • The EUR/GBP needs to hold below the 0.8910/30 region or risk a move back to 0.9010, if not all the way back to the top of the channel on the attached daily chart which comes in around 0.9200.
  • This is also in the vicinity of the 200 day MA so it is probably worth paying attention too if you are an online foreign exhange trader.
  • Although if we break above 0.8930 i would be looking to initiate new short positions in the 0.9000/80 region with a stop initially above 0.9130.