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EUR/GBP Technical Analysis – Euro May Be Due to Rebound

EUR/GBP Technical Analysis – Euro May Be Due to Rebound

2014-04-10 22:50:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8230 (Apr 8 low), 0.8217 (trend line)
  • Resistance: 0.8287 (23.6% Fib exp.), 0.8322 (38.2% Fib exp.)

The Euro fell against the British Poundas expected but the single currency may be about to recover after prices formed a bullish Three Inside Up candlestick pattern. Initial resistance lines up at 0.8287, the 23.6% Fibonacci expansion, with a break above that exposing the 38.2% level at 0.8322. Near-term support is at 0.8230, the April 8 low, followed by a falling trend line set from August 2013 (now at 0.8217).

Risk/reward considerations argue against entering long with prices trading in close proximity to relevant resistance. On the other hand, taking up the short side looks premature absent a defined bearish reversal signal. With that in mind, we will remain flat for now.

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dailyclassics_eur-chf_body_Picture_12.png, EUR/GBP Technical Analysis – Euro May Be Due to Rebound

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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