CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

EUR/GBP

Market Opportunities - 31/07/2020

31 July, 2020

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

EUR/GBP downtrend opportunity based On 1.00 Lot Calculation:

  • On Friday, the data showed that GDP across the euro zone plunged by a record 12.1% (quarter on quarter), during the second quarter of 2020 pushing further down the currency pair.
  • Technically, the pound could continue to strengthen against the euro.

EUR/GBP, July 31, 2020
Current price: 0.9012

EUR/GBP

Weekly

Trend Direction

DOWN

Resistance 3

0.9137

Resistance 2

0.9107

Resistance 1

0.9081

Support 1

0.8943

Support 2

0.8917

Support 3

0.8887

Example of calculation base on weekly trend direction for 1.00 Lot*

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss Short in $

-1,639

-1,246

-905

905

1,246

1,639

Profit or loss Short in €**

-1,384

-1,052

-764

764

1,052

1,384

Profit or loss Short in £**

-1,056

-950

-690

690

950

1,250

Profit or loss Short in C$**

-2,201

-1,673

-1,215

1,215

1,673

2,201

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 12:15 (GMT+1) 31/07/2020
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Senior Account Manager for more details

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