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EUR/GBP Technical Analysis – Euro Losing Streak Continues

EUR/GBP Technical Analysis – Euro Losing Streak Continues

2014-05-12 22:42:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8148-65 (38.2% Fib exp., Feb 17 low, channel floor), 0.8093 (50% Fib exp.)
  • Resistance: 0.8200, 0.8222 (channel top)

The Euro continues to edge lower against the British Pound, producing the longest consecutive losing streak since September 2013. Prices continue to prove support in the 0.8148-65 area, the intersection of the February 17 low, the 38.2% Fibonacci expansion and the bottom of a falling channel. A daily close below that exposes the 50% level at 0.8093. Near-term resistance is at the 0.82 figure, followed by the channel top at 0.8222.

Prices are too close to support to justify a short position from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal warns against taking up the long side. With that in mind, we remain flat for now.

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EUR/GBP Technical Analysis – Euro Losing Streak Continues

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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