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  • EUR/GBP Forecast – Euro Remains in Uptrend Above 0.8945 Vs British Pound

    EUR/GBP Forecast – Euro Remains in Uptrend Above 0.8945 Vs British Pound

    • – The Euro started a nice upside move after trading as low as 0.8900 against the British Pound.
    • – There is a key ascending channel in place with support at 0.8955 on the hourly chart of the EUR/GBP pair.
    • – Recently in the UK, the Rightmove House Price Index for August 2018 was released.
    • – The outcome was below the forecast of -1.2% as the Rightmove House Price Index declined 2.3% (MoM).

     

    UK’s Rightmove House Price Index

    Recently in the UK, the Rightmove House Price Index for August 2018 was released. The market was positioned for a decline of around 1.2% in the index in August 2018 compared with the previous month.

     

    The actual result was below the forecast of -1.2% as the Rightmove House Price Index declined 2.3%.  Looking at the yearly change, there was a rise of 1.1% in August 2018, less than the last increase of 1.4%.

     

    The EUR/GBP pair is currently placed nicely above the 0.8940-50 support area and it could continue to move higher in the short term.

     

    EUR/GBP Technical Analysis

    The Euro consolidated near the 0.8900 level for some time and formed a base for an upside move against the British Pound. The EUR/GBP pair started an upside move and broke the 0.8920 and 0.8940 resistance levels to settle above the 100 hourly simple moving average.

     

    EUR/GBP Technical Analysis Euro British Pound

     

    The pair even broke the 0.8960 level and traded as high as 0.8977. Later, there was a downside correction below the 0.8970 level. The pair is currently testing the 23.6% Fib retracement level of the last wave from the 0.8933 low to 0.8977 high.

     

    On the downside, there are several supports near the 0.8950 level. There is also a key ascending channel in place with support at 0.8955 on the hourly chart of the EUR/GBP pair. The channel support is close to the 50% Fib retracement level of the last wave from the 0.8933 low to 0.8977 high.

     

    Therefore, if the pair corrects lower further towards the 0.8950 and 0.8945 levels, it is likely to find supports. On the upside, the pair has to break the 0.8975-80 zone for more gains above the 0.9000 level in the near term.

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  • EUR/GBP Forecast – Euro To Decline Further Vs British Pound?

    EUR/GBP Forecast – Euro To Decline Further Vs British Pound?

    • – The Euro is under a lot of pressure and it could decline below 0.8740 against the British Pound.
    • – There is a key bearish trend line forming with current resistance at 0.8765 on the hourly chart of the EUR/GBP pair.
    • – Recently in the Euro Zone, the Consumer Confidence (Prelim) for March 2018 was released by the European Commission.
    • – The outcome was above the forecast of 0.0 as the Consumer Confidence came in at 0.1 in March 2018.

     

    Euro Zone Consumer Confidence

    Recently in the Euro Zone, the Consumer Confidence (Prelim) for March 2018 was released by the European Commission. The market was positioned for a decline from the last reading of 0.1 to 0.0 in March 2018 (Prelim).

     

    The actual result was above the forecast of 0.0 as the Consumer Confidence came in at 0.1 in March 2018.  However, the reading of 0.1 was not impressive since there was no rise from the last reading.

     

    It seems like EUR/GBP pair is at a risk of more declines and it could even break the 0.8740 support level in the near term.

     

    EUR/GBP Technical Analysis

    The Euro started a major downside move from well above the 0.8850 level against the British Pound. The EUR/GBP pair traded lower and broke many support levels such as 0.8800 and 0.8780 to settle below the 100 hourly simple moving average.

     

    EUR/GBP Technical Analysis Euro British Pound

     

    The pair recently traded as low as 0.8744 and is currently consolidating losses. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the 0.8798 high to 0.8744 low.

     

    There is also a key bearish trend line forming with current resistance at 0.8765 on the hourly chart of the EUR/GBP pair. The trend line resistance is near the 50% Fib retracement level of the last decline from the 0.8798 high to 0.8744 low.

     

    Therefore, if the pair corrects higher from the current levels, it could face a strong selling interest near the 0.8765-70 levels. On the downside, the recent low near 0.8740 is a short term support. A break below 0.8740 could push the pair towards the next support at 0.8700.

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  • EUR/GBP Forecast – Euro Recoveries to Remain Capped Vs British Pound

    EUR/GBP Forecast – Euro Recoveries to Remain Capped Vs British Pound

    • – The Euro failed to move above 0.8920 and started declining against the British Pound.
    • – There is a major contracting triangle forming with current resistance at 0.8880 on the hourly chart of the EUR/GBP pair.
    • – Recently in the Euro Area, the German Factory orders for Nov 2017 was released by the Deutsche Bundesbank.
    • – The outcome was below the forecast of +0.8% as there was a decline in the index by 0.4%.

     

    German Factory Orders

    Recently in the Euro Area, the German Factory orders for Nov 2017 was released by the Deutsche Bundesbank. The market was positioned for a rise of 0.8% in the orders in Nov 2017 compared with the previous month.

     

    The actual result was below the forecast of +0.8% as there was a decline in the index by 0.4%. Looking at the domestic orders, there was a decline of 0.4%, but the foreign orders fell by 0.5% compared with the previous month.

     

    Overall, the EUR/GBP pair may not recover in the short term, and it could test the 0.8850 support area in the near term.

     

    EUR/GBP Technical Analysis

    The Euro made a decent ground from the 0.8850 low and traded above 0.8900 against the British Pound. The EUR/GBP pair traded as high as 0.0.8923 where it faced sell offers. Later, the pair started a downside move and traded below the 0.8900 support plus the 100 hourly simple moving average.

     

    EUR/GBP Technical Analysis Euro British Pound

     

    More importantly, there was a break below the 50% Fib retracement level of the last wave from the 0.8847 low to 0.8923 high. At the moment, it seems like there is a major contracting triangle forming with current resistance at 0.8880 on the hourly chart.

     

    The pair is currently struggling and is below the 61.8% Fib retracement level of the last wave from the 0.8847 low to 0.8923 high. Therefore, there are chances of a downside move back towards the 0.8850 swing low in the near term.

     

    Should there be a short term correction toward 0.8870 and 0.8880, the pair could face selling interest. Only a close above 0.8880 and the 100 hourly SMA could reduce the current bearish pressure on EUR/GBP.

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  • EUR/GBP Forecast – Euro at Risk of More Declines Vs British Pound

    EUR/GBP Forecast – Euro at Risk of More Declines Vs British Pound

    • – The Euro started a new downside wave from the 0.9020 swing high against the British Pound.
    • – There is a connecting bearish trend line forming with resistance at 0.8900 on the hourly chart of the EUR/GBP pair.
    • – Recently in the Euro Area, the Consumer Confidence for Oct 2017 (Prelim) was released by the European Commission.
    • – The outcome was above the forecast of -1.1, as there was a rise in the index from -1.2 to -1.0.

     

    Euro Area Consumer Confidence

    Recently in the Euro Area, the Consumer Confidence for Oct 2017 (Prelim) was released by the European Commission. The market was positioned for a minor rise in the index from -1.2 to -1.1.

     

    The actual result was above the forecast of -1.1, as there was a rise in the index from -1.2 to -1.0. Looking at the European Union Consumer Confidence, there was no change in the index from -1.6 in Oct 2017 compared to September 2017.

     

    Overall, the EUR/GBP pair was not impressed and remains in the bearish zone below the 0.8920-00 resistance area.

     

    EUR/GBP Technical Analysis

    The Euro after a solid upside move above the 0.9000 handle found offers against the British Pound. The EUR/GBP pair traded as high as 0.9022 before starting a new downside wave. It declined and broke the 0.8950 support along with the 100 hourly simple moving average.

     

    EUR/GBP Technical Analysis Euro British Pound

     

    The pair traded below the 50% Fib retracement level of the last wave from the 0.8856 low to 0.9022 high, which is a bearish signal in the short term. There was even a break below a short-term bullish trend line at 0.8970 on the hourly chart to ignite a downside wave.

     

    At the moment, the pair is attempting a close below the 76.4% Fib retracement level of the last wave from the 0.8856 low to 0.9022 high. Therefore, there are high chances of it moving back towards the last swing low of 0.8856.

     

    On the upside, there is a connecting bearish trend line forming with resistance at 0.8900 on the hourly chart. Selling rallies in the short term can be opted with a stop above 0.8930.

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  • EUR/GBP Forecast – Euro Eyes Further Losses Vs British Pound

    EUR/GBP Forecast – Euro Eyes Further Losses Vs British Pound

    • – The Euro is under heavy selling pressure and already broke the 0.8800 support against the British Pound.
    • – There are two bearish trend lines forming with resistance at 0.8800 and 0.8820 on the hourly chart of the EUR/GBP pair.
    • – Today in the Euro Zone, the Italian Consumer Confidence for Sep 2017 was released by the Istat.
    • – The outcome was above the forecast of 110.8, as there was a rise in the index from 111.2 (revised) to 115.5.

     

    Italian Consumer Confidence

    Today in the Euro Zone, the Italian Consumer Confidence for Sep 2017 was released by the Istat. The market was positioned for a minor decline in the Confidence to 110.8.

     

    The actual result was above the forecast of 110.8, as there was a rise in the index from 111.2 (revised) to 115.5. All components registered an increase such as economic index was up from 129.3 to 143.9 and the personal index was up from 105.6 to 106.5. The report added that:

     

    The balance concerning expectations on unemployment fell from 30.5 to 11.7. The balance on inflation perceptions referring to the last 12 months decreased from -11.1 to -14.2 while the balance on inflation expectations for next 12 months grew from -9.5 to -3.8.

     

    Overall, the EUR/GBP pair might continue to slide and could even break the 0.8754 low in the near term.

     

    EUR/GBP Technical Analysis

    The Euro started a downside move from the 0.8890 swing high against the British Pound. The EUR/GBP pair broke the 0.8800 support zone and settled below the 100 hourly simple moving average.

     

    EUR/GBP Technical Analysis Euro British Pound

     

    The pair traded as low as 0.8754 from where a recovery was started. It moved above the 23.6% Fib retracement level of the last decline from the 0.8884 high to 0.8741 high. However, the upside move was protected by the 0.8800 handle and the 100 hourly simple moving average.

     

    Moreover, there are two bearish trend lines with resistance at 0.8800 and 0.8820 on the hourly chart to act as a hurdle for more gains. An intermediate resistance is around the 50% Fib retracement level of the last decline from the 0.8884 high to 0.8741 high.

     

    Overall, the EUR/GBP pair might be considered as sell on rallies towards 0.8800-0.8820 as long as it is below 0.8840.

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  • EUR/GBP Forecast – Euro Eyes Major Correction Vs British Pound

    EUR/GBP Forecast – Euro Eyes Major Correction Vs British Pound

    • – The Euro after a nasty ride towards 0.9300-0.9310 made a top against the British Pound.
    • – The EUR/GBP pair broke a major connecting bullish trend line with support at 0.9095 on the hourly chart.
    • – Today in the Euro Zone, the French Nonfarm Payrolls for Q2 2017 report was released by INSEE.
    • – The outcome was below the forecast of +0.5%, as there was a rise in payrolls by 0.4% (QoQ).

     

    French Nonfarm Payrolls

    Today in the Euro Zone, the French Nonfarm Payrolls for Q2 2017 report was released by INSEE. The market was positioned for an increase in the Nonfarm Payrolls by 0.5% compared with the previous quarter.

     

    The actual result was below the forecast of +0.5%, as there was a rise in payrolls by 0.4%. Looking at the net payroll job creation, there was an increase of 0.3% to 81,400, which makes it the eleventh consecutive quarter of growth. The report added that:

     

    The payroll employment increased by 76,800 in the private sector and by 4,600 in the public sector. Year on year, it rose by 303,500 net jobs (that is +1.2%): 276,300 jobs were created in the private sector and 27,200 jobs in the public service.

     

    Overall, the EUR/GBP pair might continue to decline and could even break the 0.9060 support to test the 0.9040 level.

     

    EUR/GBP Technical Analysis

    The Euro was in a super uptrend and traded above the 0.9280 resistance against the British Pound. The EUR/GBP pair traded well above the 0.9300 handle before it faced strong offers and started a downside move.

     

    EUR/GBP Technical Analysis Euro British Pound

     

    There downside move was strong, as the pair broke many supports like 0.9250, 9200, 9180 and the 100 hourly simple moving average. The pair recently cleared a crucial pivot zone at 0.9130 and the 0.9110 swing low.

     

    It seems like the pair might soon test the 1.618 Fib extension of the last wave from the 0.9117 low to 0.9202 high at 0.9064 low. If sellers remain in control, there can be even be a test of the 0.9040 support area.

     

    Overall, the EUR/GBP pair has started a major downside correction and could even test the 0.9000 handle in the near term.

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  • EUR/GBP Forecast – Euro Eyes Upside Break above 0.9220 Vs British Pound

    EUR/GBP Forecast – Euro Eyes Upside Break above 0.9220 Vs British Pound

    • – The Euro after trading as low as 0.9149 against the British Pound started an upside move.
    • – The EUR/GBP pair is currently attempting an upside break above a major bearish trend line at 0.9215 on the hourly chart.
    • – Today in the UK, the British Retail Consortium (BRC) Like-For-Like Retail Sales for August 2017 was released.
    • – The outcome was above the forecast, as there was a rise in sales by 1.3% (YoY).

     

    BRC Like-For-Like Retail Sales

    Today in the UK, the British Retail Consortium (BRC) Like-For-Like Retail Sales for August 2017 was released. The market was positioned for an increase in sales by around 1% compared with the same month a year ago.

     

    The actual result was above the forecast, as there was a rise in sales by 1.3%, which was even higher by the last reading of 0.9%. The Total Retail Sales were up by 2.4% in August 2017 compared with the same month a year ago. Commenting on the sales figures, the Chief Executive, BRC, Helen Dickinson OBE, stated:

    August provided a welcome pick-up in retail sales across channels, with Non-Food returning to growth as shoppers’ attentions turned to homewares, autumn clothing ranges and the new school term.

     

    Overall, the EUR/GBP pair remains in the bullish zone and looking to gain momentum for a rise above 0.9220 in the near term.

     

    EUR/GBP Technical Analysis

    The Euro after trading a few pips above the 0.9300 handle against the British Pound started a correction. The EUR/GBP pair traded as low as 0.9149 and then started moving higher. It has already traded above the 0.9180 resistance and the 100 hourly simple moving average.

     

    EUR/GBP Technical Analysis Euro British Pound

     

    There was even a break above the 23.6% Fib retracement level of the last decline from the 0.9306 high to 0.9149 low. On the upside, there is a major bearish trend line at 0.9215 on the hourly chart, which is acting as a barrier for buyers.

     

    The pair needs a close above the trend line resistance at 0.9215 and the 50% Fib retracement level of the last decline from the 0.9306 high to 0.9149 low at 0.9227 to gain traction.

     

    Therefore, a proper close above 0.9220-0.9230 would open the doors for further gains may be towards 0.9300 in the near term.

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  • EUR/GBP Forecast – Euro Correcting Lower Towards 0.8920 Vs British Pound

    EUR/GBP Forecast – Euro Correcting Lower Towards 0.8920 Vs British Pound

    • – The Euro after trading as high as 0.8994 against the British Pound started a downside move.
    • – There are two important bullish trend lines with support near 0.8910 forming on the hourly chart of EUR/GBP.
    • – Today in the Euro Zone, Manufacturing Purchasing Managers Index (PMI) for July 2017 (Preliminary) was released by the Markit Economics.
    • – The outcome was below the forecast, as there was a decline in the PMI from the last reading of 57.4 to 56.8.

     

    Euro Zone Manufacturing PMI

    Today in the Euro Zone, Manufacturing Purchasing Managers Index (PMI) for July 2017 (Preliminary) was released by the Markit Economics. The market was positioned for a decline from the last reading of 57.4 to 57.2.

     

    The actual result was below the forecast, as there was a decline in the PMI from the last reading of 57.4 to 56.8. Moreover, the headline IHS Markit Eurozone PMI was down for the second time and now sits at 55.8. The report added that:

    Despite coming off recent highs, the index remained at an elevated level by historical standards and signaled one of the strongest expansions seen over the past six years.

     

    Overall, the EUR/GBP pair may correct a few pips towards 0.8820-10, but likely to gain bids on the downside.

     

    EUR/GBP Technical Analysis

    The Euro was in a solid uptrend from the 0.8700 swing low against the British Pound and traded above the 0.8800 handle. The uptrend in the EUR/GBP pair was such that the pair even traded close to the 0.9000 handle.

     

    EUR/GBP Technical Analysis Euro British Pound

     

    A high was formed near 0.8994 where the pair faced strong offers and a correction wave was initiated. The pair is now below the 23.6% Fib retracement level of the last wave from the 0.8833 low to 0.8994 high.

     

    On the downside, there are two important bullish trend lines with support near 0.8910 forming on the hourly chart of EUR/GBP along with the 100 hourly simple moving average. Moreover, the 0.8915 level is the 50% Fib retracement level of the last wave from the 0.8833 low to 0.8994 high.

     

    So, if the pair continues to move down, there can be strong buy zones near 0.8825, 0.8820 and 0.8810 in the short term.

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