HomeForex MarketDay by day Foreign exchange Information and Watchlist: EUR/GBP

Day by day Foreign exchange Information and Watchlist: EUR/GBP

Reversal alert!

I’m seeing a contemporary neckline break on the hourly chart of EUR/GBP, which implies that a brand new pattern is forming.

Will extra sellers hop in quickly?

Earlier than transferring on, ICYMI, I’ve listed the potential financial catalysts that it is advisable be careful for this week. Examine them out earlier than you place your first trades at present!

And now for the headlines that rocked the markets within the final buying and selling classes:

Recent Market Headlines & Financial Information:

Chinese language official manufacturing PMI fell from 49.5 to 47.4

Chinese language official non-manufacturing PMI fell from 48.4 to 41.9

Chinese language Caixin manufacturing PMI down from 48.1 to 46.0

Beijing tightened COVID-19 restrictions over the weekend

Australia AIG manufacturing index up from 55.7 to 58.5

Australia’s MI inflation gauge posted 0.1% dip in April

Australian ANZ job ads down by 0.5% in April

Japanese commodity costs up from 39.6% to 39.9%

German retail gross sales slipped by 0.1% vs. projected 0.3% achieve

EU to suggest ban on Russian oil by the top of the yr

U.Ok. markets closed in observance of Might financial institution vacation
U.S. ISM manufacturing PMI at 2:00 pm GMT
U.S. development spending at 2:00 pm GMT

Use our new Foreign money Warmth Map to rapidly see a visible overview of the foreign exchange market’s value motion! 🔥 🗺️

What to Watch: EUR/GBP

EUR/GBP 1-hour Foreign exchange Chart

The euro is off to a weak begin this week, because the German retail gross sales fell wanting estimates and posted a shock 0.1% dip.

Does this spell extra losses for the shared foreign money?

EUR/GBP simply fell by way of the neckline of its head and shoulders sample on the hourly timeframe, indicating {that a} reversal from the uptrend is within the works.

The chart formation spans roughly 75 pips, so the ensuing slide may very well be of not less than the identical measurement.

Nonetheless, technical indicators are suggesting that consumers may nonetheless put up a struggle. For one, Stochastic is indicating oversold situations or exhaustion amongst sellers. Additionally, the 100 SMA is above the 200 SMA for now.

The hole between the transferring averages is narrowing, although, so a bearish crossover is perhaps looming. If that occurs, extra sellers might leap in and push EUR/GBP additional south. Notice that value has fallen beneath each dynamic inflection factors, so these might maintain as resistance transferring ahead.



Please enter your comment!
Please enter your name here

two × 3 =

Most Popular