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Price & Time: Low in EUR/GBP?

Price & Time: Low in EUR/GBP?

2013-10-02 17:35:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • Cycle turn window in effect over next few days
  • Cross nearing key support

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

Weighed down by a quarter-end 3 billion Euro plus European Union farming subsidy payment, EUR/GBP traded down to its lowest level since January of 2012 at the beginning of the week. However, our analysis of the cycles suggests the cross rate is becoming vulnerable to a reversal. WD Gann remarked in several of his writings that persistent trends often culminate around 45 and 90 day increments. Later this week EUR/GBP will be 45 trading days off the early August high. At the same time the cross is entering this cyclical turn window, it is testing important support at .8345. This level is important to the cross from a Gann perspective as it marks the 5th square root progression of the year’s .8814 high and a clear potential turning point. We will be monitoring the cross closely over the next few days for more concrete signs of a turn. Aggressive weakness below .8345 risks a deeper decline towards .8285.

EUR/GBP Daily Chart: October 2, 2013

range_eurgbp_body_Picture_2.png, Price & Time: Low in EUR/GBP?

Charts Created using Marketscope – Prepared by Kristian Kerr

Key Event Risks in Coming Sessions:

range_eurgbp_body_Picture_1.png, Price & Time: Low in EUR/GBP?

LEVELS TO WATCH

Resistance: .8390 (Fibonacci), .8435 (Ganni)

Support: .8345 (Gann), .8285 (Gannl)

Strategy: Buy EUR/GBP

Entry: Buy EUR/GBP at .8365

Stop: 1-day close below .8330

Target: .8435

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

Are you looking for other ways to pinpoint support and resistance levels? Take our free tutorial on using Fibonacci retracements.

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter at@KKerrFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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