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Forex spread betting: Euro Dollar is bearish

A look at our select forex spread betting technical views and insights.



For those looking at spread betting forex, we bring you a roundup of calls on the more popularly traded foreign currency pairs.

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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