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Forex: EUR/GBP Technical Analysis – 4-Month Support Under Fire

Forex: EUR/GBP Technical Analysis – 4-Month Support Under Fire

2013-08-15 11:47:00
Ilya Spivak, Head Strategist, APAC
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EUR/GBP Technical Analysis – Prices are testing below support at 0.8539, the 61.8% Fibonacci retracement. This barrier is reinforced by a rising trend line set from late April, now at 0.8528. A break below the latter level targets the 76.4% retracement at 0.8485. Near-term resistance is at 0.8583, a level marked by the intersection of the 50%retracement and a familiar horizontal pivot in play since February.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_eur-chf_body_Picture_8.png, Forex: EUR/GBP Technical Analysis – 4-Month Support Under Fire

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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