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Forex: EUR/GBP Technical Analysis – 13-Month Support Holds Up

Forex: EUR/GBP Technical Analysis – 13-Month Support Holds Up

2013-08-21 06:50:00
Ilya Spivak, Head Strategist, APAC
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EUR/GBP Technical Analysis – Prices bounced from support at a rising trend line set from the July 2012 low to test resistance in the 0.8566-83 area, marked by the 23.6% Fibonacci retracement and a familiar horizontal pivot in play since mid-February. A break above this exposes a trend line established from November 2012 at 0.8590 and the 38.2% Fib at 0.8605. Support is now at 0.8518. 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 – 13-Month Support Holds Up

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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