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EUR/GBP Technical Analysis: Candle Setup Points to Gains

EUR/GBP Technical Analysis: Candle Setup Points to Gains

2013-08-07 10:08:00
Ilya Spivak, Head Strategist, APAC
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EUR/GBP Technical Analysis – Prices put in a bullish Piercing Line candlestick pattern above support at a rising trend line set from late June, hinting a move higher is ahead. Near-term resistance is at 0.8706, the 23.6% Fibonacci expansion, with a break above that targeting the 38.2% level at 0.8760. Trend line support is now at 0.8638, with a push beneath that eyeing a familiar horizontal pivot at 0.8583.

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dailyclassics_eur-chf_body_Picture_8.png, EUR/GBP Technical Analysis: Candle Setup Points to Gains

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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