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EUR/GBP Technical Analysis – 0.83 Figure Under Fire Anew

By , Currency Strategist
14 April 2014 03:03 GMT

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8287 (23.6% Fib exp.), 0.8245 (Mar 28 low), 0.8230 (Apr 8 low)
  • Resistance: 0.8322 (38.2% Fib exp.), 0.8351 (50% Fib exp.)

The Euro began to recover as expected against the British Pound after prices put in a bullish Three Inside Up candlestick pattern. Prices are retesting the 23.6% Fibonacci expansion at 0.8287 as support having broken above the barrier last week. A daily close back underneath this level targets recent swing lows at 0.8245 and 0.8230. Alternatively, a renewed push higher sees resistance at 0.8322, the 38.2% Fib, followed by the 50% expansion at 0.8351.

Signs of indecision in the bullish camp following a test of the 0.83 figure argue against trying to chase the pair higher at this point. We will stand aside, monitoring developments for an attractive trade setup.

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dailyclassics_eur-chf_body_Picture_11.png, EUR/GBP Technical Analysis – 0.83 Figure Under Fire Anew

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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14 April 2014 03:03 GMT