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Forex: EUR/GBP Technical Analysis – Struggling at 0.83 Figure

Forex: EUR/GBP Technical Analysis – Struggling at 0.83 Figure

2014-02-05 04:44:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8255 (14.6% Fib exp.), 0.8167-87 (Jan 22, 31 swing lows)
  • Resistance: 0.8291-0.8309 (23.6% Fib ret., minor trend line.), 0.8364 (major trend line)

The Euro is struggling to extend gain versus the British Pound near the 0.83 figure. Resistance is in the 0.8291-0.8309 area, marked by a falling trend line set from December and the 23.6% Fibonacci retracement, exposes. A daily close above this barrier exposes a longer-term trend line set from August, now at 0.8364. Alternatively, a turn below support at 0.8255, the 14.6% Fib expansion, targets recent swing lows in the 0.8167-87 area.

Risk/reward considerations argue against entering a position at current levels with prices wedged between relevant up- and down-side barriers. Tactically, an actionable trade trigger is also absent. We will continue to monitor price activity from the sidelines for now.

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dailyclassics_eur-chf_body_Picture_12.png, Forex: EUR/GBP Technical Analysis – Struggling at 0.83 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

--- 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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