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Forex: EUR/GBP Technical Analysis – Waiting for Directional Clarity

Forex: EUR/GBP Technical Analysis – Waiting for Directional Clarity

2014-03-05 01:23:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8167 (Jan 22 low)
  • Resistance: 0.8260-0.8325 (trend line cluster), 0.8390 (38.2% Fib exp.)

A bearish Dark Cloud Cover candlestick pattern below resistance in a falling trend line cluster (now in the 0.8268-0.8330 area) continues to warn that the Euro may soon turn lower against the British Pound once again. Near-term support is at 0.8167, the January 22 low. Alternatively, a reversal through the trend line cluster exposes the 38.2% Fibonacci retracement at 0.8390.

While risk/reward parameters have improved in line with what we discussed last week, we will opt against taking a short position. The emergence of positive RSI divergence warns of ebbing bearish momentum and hints a larger upside reversal may be brewing. With that in mind, we will continue to stand aside until greater directional clarity emerges.

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

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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