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Forex: EUR/GBP Technical Analysis – Broken Support Level Retested

Forex: EUR/GBP Technical Analysis – Broken Support Level Retested

Ilya Spivak, Head Strategist, APAC

EUR/GBP Technical Analysis – Prices are re-testing the intersection of a rising trend line set from late April and the 61.8% Fibonacci retracement (0.8539) – a former support level – as newly minted resistance. A reversal back above that sees the next level of resistance at 0.8583, marked by horizontal pivot in play since February and the 50% Fib. Near-term support is at 0.8485, the 76.4% level. We have entered short.

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

dailyclassics_eur-chf_body_Picture_8.png, Forex: EUR/GBP Technical Analysis – Broken Support Level Retested

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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