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
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • US Treasury Secretary Steven Mnuchin to hold call with G-7 finance ministers on Wednesday per his public schedule $DXY
  • Overlay that with google search terms for “protest” and “riots” and you see a similar uptick. Last time we saw a surge in these search terms was back in August 2019 and we saw a lot of volatility ensue shortly after. https://t.co/ZXAkgRWfAB
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.48% 🇳🇿NZD: 1.14% 🇨🇦CAD: 0.98% 🇯🇵JPY: 0.20% 🇪🇺EUR: 0.19% 🇨🇭CHF: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/q8shAF6mG4
  • #IBEx35: a punto de romper el rango para situarse en los niveles previos a la crisis #trading https://t.co/H9DbLtpdox
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 2.12% FTSE 100: 1.61% France 40: 1.56% Wall Street: 0.42% US 500: 0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/M3rd9RjKa0
  • EUR/JPY Forecast: Euro vs JPY Price Flirts With 120.00 Threshold More details in the link: https://www.dailyfx.com/forex/technical/home/analysis/eur-jpy/2020/06/01/EURJPY-Forecast-Euro-vs-JPY-Price-Flirts-With-120.00-Threshold-MK.html?CHID=9&QPID=917714 https://t.co/Hh9ZAi5YX4
  • 🇲🇽 Markit Manufacturing PMI Actual: 38.3 Previous: 35 https://www.dailyfx.com/economic-calendar#2020-06-01
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 1.73% Gold: 0.30% Oil - US Crude: -0.96% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/yeKhOfigUX
  • Heads Up:🇲🇽 Markit Manufacturing PMI due at 14:30 GMT (15min) Previous: 35 https://www.dailyfx.com/economic-calendar#2020-06-01
  • The Nasdaq 100 is approximately the equivalent of one-day ATR (10-day average) from record highs
Forex: EUR/GBP Technical Analysis – Two-Month Support Broken

Forex: EUR/GBP Technical Analysis – Two-Month Support Broken

2014-04-08 22:28:00
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: 0.8255-62 (trend line from Feb’14, 23.6% Fib exp.), 0.8300
  • Resistance: 0.8222 (trend line from Aug’13), 0.8165 (38.2% Fib exp.)

The Euro declined as expected against the British Pound, with further weakness seen ahead after prices broke support at a rising trend line set from mid-February. Prices are now retesting resistance-turned-support at a falling trend line set from August 2013, with a break below that exposing the 38.2% Fibonacci expansion at 0.8165. Alternatively, a reversal above the 0.8255-62 area – marked by the February trend line and the 23.6% level – exposes the 0.83 figure.

Prices are too close to relevant support to justify a short position from a risk/reward perspective. We will continue to stand aside for now, looking for a more attractive setup to establish a short position.

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

dailyclassics_eur-chf_body_Picture_11.png, Forex: EUR/GBP Technical Analysis – Two-Month Support Broken

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.