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EUR/GBP

Market Opportunities - 17/04/2019

17 April, 2019

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:

Euro zone inflation slowed in March and the core figure dipped, the European Union’s statistics office said on Wednesday, confirming its initial estimates. Eurostat said prices in the 19-nation currency bloc rose 1.4 percent in March on the year, from a 1.5 percent increase a month earlier, confirming the previous reading. A narrower inflation indicator that excludes energy, food, alcohol and tobacco was also confirmed dipping to 0.8 percent from 1.0 percent a month earlier. In addition, In Germany, the German government cut its 2019 growth forecast for the second time within three months on Wednesday. The government now expects gross domestic product growth of 0.5% this year. In January, the government had cut its growth estimate to 1.0% from 1.8% previously.

From a technical perspective, the EUR/GBP could be expected to suffer a short- term downward correction as the H4 Relative Strength Index has recently hit its overbought threshold to 70.0 to turn downward sloping.

EUR/GBP, April 17, 2019
Pivot point: 0.86626

EUR/GBP

Weekly

Trend Direction

DOWN

Resistance 3

0.88128

Resistance 2

0.87675

Resistance 1

0.87223

Support 1

0.86023

Support 2

0.85443

Support 3

0.84826

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 $

-1,960.23

-1,369.03

-779.13

786.96

1,543.91

2,349.14

Profit or loss Short in €

-1,733.87

-1,210.94

-689.16

696.09

1,365.63

2,077.88

Profit or loss Short in £

-1,502.00

-1,049.00

-597.00

603.00

1,183.00

1,800.00

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 12:46 (GMT + 1) 17/4/2019
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** Please 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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