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Forex: EUR/GBP Technical Analysis – Waiting for Direction Cues

Forex: EUR/GBP Technical Analysis – Waiting for Direction Cues

2014-02-11 13:22:00
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: 0.8351 (trend line), 0.8397 (38.2% Fib ret.)

The Euro’s push higher against the British Pound is visibly struggling to maintain momentum ahead of trend line resistance set from August 2013 (now at 0.8351). A break above the trend line on a daily closing basis targets the 38.2% Fibonacci retracement at 0.8397. Alternatively, a sustained push below 23.6% level at 0.8309 aims for the 14.6% Fib at 0.8255.

A clear-cut trade setup remains absent for now. Prices are showing little directional conviction and risk/reward considerations arguing against either a long or short position with the pair so close to relevant up- and downside technical barriers. We will remain on the sidelines for now.

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dailyclassics_eur-chf_body_Picture_11.png, Forex: EUR/GBP Technical Analysis – Waiting for Direction Cues

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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