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| Forex spread betting: Euro Dollar is bearish |
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| Written by Will Peters | |
| Tuesday, 27 July 2010 10:21 | |
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A look at our select forex spread betting technical views and insights.
Standard Chartered, the global banking giant based in London, has suggested the Euro Dollar rate remains in a bearish channel. Writing in their weekly G10 FX Technicals, the foreign currency team at Standard Chartered say "1.3029 seen retested, but bearish bias remains for 1.2660 and lower." However, Simon Denham at forex spread betting providers IG Index points out that Goldman Sachs have come out on the Euro’s side and is now forecasting higher levels which has brought in buyers over the last session or so. "1.3000/20 is resistance which held us back through yesterday evening and all of this morning’s action over in Japan’s session but so far a breakout to the upside has proved elusive," says Denham. Support is around 1.2950/55 and then down at 1.2845/65 but in the current sentiment this looks unlikely to be probed soon says Denham. MoneyCorp, the forex brokers, have said support for EUR USD is at 1.2730 while resistance is at 1.3190. Moving to the GBP USD forex rate, Standard Chartered have suggested the pair is bearish for 1.4800 and lower so long as 1.5530 holds. MoneyCorp have set their resistance for the pair at 1.5575 with support being at 1.5120. For the GBP EUR resistance is at 1.2020 while support is at 1.1700. |
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| Last Updated on Tuesday, 27 July 2010 10:26 |
Spread Betting Lessons - Cut out the emotion!
Oh, and also a lesson why the Stop Loss is your Friend !
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Spread betting at a glance
- Spread betting is a financial product that allows retail and professional investors access to the widest possible number and types of exchange traded instruments.
- The spread betting company that you trade through is the market maker, the trader does not actually take ownership of any underlying product. Hence, most jurisdictions do not charge stamp duty on any gains.
- The notion that you don't actually own the product ensures spread betting platforms are able to almost instantaneously execute orders on behalf of their client.
- Spread betting is a leverage product, your money is able to realise you impressive gains as your earnings come in multiples of the actual change in the underlying product that you are trading.
- This is of course where spread betting can also go spectacularly wrong. Losses can be huge, therefore we advise those that are spread betting, or are looking to go into spread betting, to enter each trade with a well thought out strategy. This also means setting a pre-determined stop loss so that losses are cut at a manageable level.
- This website is here to offer more insight into this fascinating trading instrument.