We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • BoC: - Inputs from Italy and China disrupted - Retailers and grocers have not seen major supply chain problems
  • Kudlow believes that a #coronavirus related US Treasury Bond would be a great idea
  • Bitcoin Price Outlook: BTC/USD A Rally or Consolidation? More datails in the linl below : https://www.dailyfx.com/forex/technical/article/special_report/2020/04/06/Bitcoin-Price-Outlook-BTCUSD-A-Rally-or-Consolidation-MK.html?CHID=9&QPID=917714 https://t.co/JnH1cxh1ug
  • US Treasury Yields Update: 2-Year: 0.256% 3-Year: 0.318% 5-Year: 0.414% 7-Year: 0.567% 10-Year: 0.654% 30-Year: 1.274%
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: 1.86% Silver: 1.81% Oil - US Crude: -1.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bzjbN5PtHo
  • Poll: How much of the oncoming global recession (the severity for which is open to enormous debate) has already been priced into the market's tumble the past two months?
  • I hope everyone's week is starting out well. Stay safe, sane and optimistic
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.35%, while traders in US 500 are at opposite extremes with 67.97%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/DdXcVKMXod
  • New York Fed Purchases $7 B in Treasury Coupons
  • ECB purchased EUR 30.15bln worth of bonds in initial week of PEPP
Forex: EUR/GBP Technical Analysis – Euro Attempts Upside Reversal

Forex: EUR/GBP Technical Analysis – Euro Attempts Upside Reversal

2014-03-07 00:00:00
Ilya Spivak, Head Strategist, APAC
Share:

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8167 (Jan 22 low)
  • Resistance: 0.8255-0.8321 (trend line cluster), 0.8390 (38.2% Fib exp.)

The Euro is attempting to launch a reversal against the British Pound as prices grind through resistance in the 0.8255-0.8321 area marked by a cluster of falling trend lines. A break above this region exposes the 38.2% Fibonacci retracement at 0.8390. Alternatively, a turn back below 0.8255 sees support at 0.8167, the January 22 low.

Our decision not to pursue a short trade having noticed positive RSI divergence is proving prudent. We will remain on the sidelines for the time being to see if prices are able to clear trend line resistance, confirming a larger reversal and arguing in favor of a long trade bias. The dominant long-term trend remains bearish however and we will likewise keep our eyes open for signs of downward reversal to enter short.

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

dailyclassics_eur-chf_body_Picture_6.png, Forex: EUR/GBP Technical Analysis – Euro Attempts Upside Reversal

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.

DISCLOSURES

News & Analysis at your fingertips.