Forex: EUR/GBP Technical Analysis – Trend Line Support in Focus
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- EUR/GBP Technical Strategy: Flat
- Support: 0.8259 (trend line), 0.8045 (Mar 28 low)
- Resistance: 0.8302 (23.6% Fib exp.), 0.8338 (38.2% Fib exp.)
The Euro is holding at support marked by a rising trend line set from mid-February afterfalling against the British Pound at as expected. A break below support (now at 0.8259) initially targets the March 28 swing low at 0.8045.Near-term resistance is at 0.8302, the 23.6% Fibonacci expansion, with a push above that on a daily closing basis clearing the way for a test of the 38.2% level at 0.8338.
An actionable trade setup is absent for the time being. On one hand, entering short would require confirmation on a break below the trend line. On the other, a viable reversal signal to enter long is absent. We will continue to stand side.
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.