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Forex: EUR/GBP Technical Analysis – Euro Slips Below Key Support

Forex: EUR/GBP Technical Analysis – Euro Slips Below Key Support

2013-08-14 10:52:00
Ilya Spivak, Head Strategist, APAC
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EUR/GBP Technical Analysis – Prices broke below support at 0.8583, a level marked by the intersection of the 50% Fibonacci retracement and a familiar horizontal pivot in play since February. Sellers now aim to challenge the 61.8% Fib at 0.8539, a barrier reinforced by a rising trend line set from late April (0.8525). Alternatively, a daily close back above 0.8583 eyes the 38.2% retracement at 0.8626.

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dailyclassics_eur-chf_body_Picture_8.png, Forex: EUR/GBP Technical Analysis – Euro Slips Below Key Support

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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