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Forex: EUR/GBP Technical Analysis – Six-Month Trend Targeted

Forex: EUR/GBP Technical Analysis – Six-Month Trend Targeted

2014-02-10 08:41:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8309 (23.6% Fib ret.), 0.8255 (14.6% Fib ret.)
  • Resistance: 0.8354 (trend line), 0.8397 (38.2% Fib ret.)

The Euro continues to edge higher against the British Pound, with prices nearing trend, defining resistance at a falling trend line set from August 2013 (now at 0.8354). A break above this barrier on daily closing basis initially exposes the 38.2% Fibonacci retracement at 0.8397. Alternatively, a reversal below the 23.6% level at 0.8309 aims for the 14.6% Fib at 0.8255.

An actionable trade setup seems absent at the moment. Entering long in defiance of trend resistance seems premature absent a clear-cut breakout. On the other hand, positioning on the short side presumes a downward reversal without adequate confirmation. We remain on the sidelines for now.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_eur-chf_body_Picture_11.png, Forex: EUR/GBP Technical Analysis – Six-Month Trend Targeted

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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