Evening Star on EUR/GBP, Nine candles pattern on Gilts – FuturesTechs

Relief is in the offering for traders caught on the wrong side of the EUR/GBP trade. Clive Lambert, Director at FuturesTechs details the bearish technical outlook for EUR/GBP and USD/JPY pair while talking to Tip TV’s Zak Mir.

Key points:

EUR/USD – Stuck in a range, capped by descending line last week… trend line hurdle currently seen at 1.1273.

EUR/GBP – Evening star reversal pattern on daily chart, accordingly the pair is breaking lower, now challenging short-term uptrend channel support. Also suggests the downside in cable has run out of steam.

USD/JPY – Ichimoku cloud continues to weight

Gilt futures – We have posted eight green candles in a row. You never see more than nine green candles in a row, not necessarily a reversal pattern but caution warranted

DAX – Doesn’t look worrying…gap filling exercise likely

NASDAQ - rising channel… nothing to worry about. We have hit Dot com bubble high