Strategy and research analyst on currency pair EURGBP  11-16-2016 by AzaForex forex broker, learn what to do and not to do on the forex market

Get the foreign exchange with these simple tips.

Euro exchange rate in the forex market staggered and did not come back to normal. Even the British pound, which now is experiencing stress, was able to reverse the situation in the currency market in their favor. The Pound was able not only to consolidate its success, but also makes an attempt to increase its quotes in relation to Euro. Chart of this currency pair clearly shows that the price of just clinging to the support level of 0.8560. And the nature of price fluctuations around this level does not contain any strong rebound, but looks more like a creeping and flowing down from the level of the movement. When such patterns can be seen in currency charts, with high probability we can assume that the movement will continue downward. Although, globally, there has been an upward trend for this currency pair, we try to go along with the correction on a lower level, to the next level of support. Given that our target is within this range, we can easily, as many currency traders, enter the market by opening a short position.

The price is below a simple moving average 200 MA and 20 MA indicating bearish trend.
The MACD trend indicator is below zero level now, indicating bearish movement.

If the support level is broken you can use the following recommendation:
•    Chart timeframe: H4
•    The trade recommendation: Sell
•    The level of entry into short position 0.8560
•    The level of profit and close the position: 0.8400 (160 pips)


Forex currency pair EURUSD
Possible bearish movement in the breakdown of the support level 1.0700

Forex currency pair USDJPY 
Possible bullish movement in the breakout of the resistance level 109.70

Precious metal GOLD
Possible bearish movement in the breakdown of the support level 1210
 
Forex currency pair USDCHF
Possible bullish movement in the breakout of the resistance level 1.0030