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    BRAND MARKET ANALYSIS AND NEWS EURGBP near a sell area Market News

    EURGBP, 240 min

    EURGBP hit my downside target yesterday at 0.7533, right before EUR started rallying and took EURGBP higher and all the way up to the current levels. It took time for the market to move into my target 1 and therefore provided multiple opportunities to engage the short side and benefit from recommendation in the pair.

    At the time of writing the pair after getting overbought both in terms of 4h Stochastics and Bollinger Bands is now reacting lower. The upper daily Bollinger bands are now near and market participants have started taking their profits off the table as Carney speaks and thus made the pair vulnerable for corrections. I look to sell rallies in the sell area with a view of buying back lower at the buy area just above 0.76. Should price action confirm the idea, the current levels could work for short entries with a view of taking a mean reversion trade to my buy area at 0.7601-0.7616. The buy area could then work as long entry area with a target near the most recent highs. As per usual, these potential trading setups are subject to price action confirming the ideas. In order to fully understand how to utilize analysis on this page it is recommended that you attend our live educational webinars.

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    Janne Muta

    Chief Market Analyst

    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.


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