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Forex: EUR/GBP Technical Analysis – A Top in Place Below 0.84?

Forex: EUR/GBP Technical Analysis – A Top in Place Below 0.84?

2014-03-13 23:07:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8325 (23.6% Fib ret.), 0.8293 (38.2% Fib ret.)
  • Resistance: 0.8377 (Mar 13 high)

Opting not to buy the Euro against the British Pound yesterday proved prudent as prices reversed lower, forming a bearish Dark Cloud Cover candlestick pattern and hinting at further weakness ahead. Initial support is at 0.8325, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 0.8293. Near-term resistance is at 0.8377, the March 13 high.

Prices are too close to relevant support to justify a short position from a risk/reward perspective. On the other hand, a viable reversal signal arguing in favor of a long trade is absent for the time being.We will remain on the sidelines until a more actionable setup presents itself.

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dailyclassics_eur-chf_body_Picture_11.png, Forex: EUR/GBP Technical Analysis – A Top in Place Below 0.84?

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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