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EUR/GBP Technical Analysis: Short Position Triggered

EUR/GBP Technical Analysis: Short Position Triggered

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.7323
  • Support: 0.7258, 0.7181, 0.7055
  • Resistance: 0.7384, 0.7443, 0.7545

The Euro may be preparing to turn lower against the British Pound once again after prices put in a bearish Evening Star candlestick pattern. A daily close below the 14.6% Fibonacci expansion at 0.7258 exposes the 23.6% level at 0.7181. Alternatively, a move above the March 25 high at 0.7384opens the door for a test of the 50% Fib retracement at 0.7443.

We will now re-enter short EURGBP, initially targeting 0.7258. A stop-loss will be activated on a daily close above 0.7384. We will take profit on half of the position and move the stop-loss to the breakeven level once the first objective is reached.

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Daily Chart - Created Using FXCM Marketscope

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

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

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