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EUR/GBP Technical Analysis – Euro Sinks to 16-Month Low

EUR/GBP Technical Analysis – Euro Sinks to 16-Month Low

2014-05-21 22:56:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8087 (channel floor), 8056 (100% Fib exp.)
  • Resistance:0.8104 (76.4% Fib exp.), 0.8124-33 (trend line, 61.8% Fib exp.)

The Euro renewed its push downward against the British Pound, with prices sinking to the lowest level since January 2013. Support is seen at the bottom of a falling channel set from late April, now at 0.8087, with a break below that exposing the 100% Fibonacci expansion at 0.8056. Alternatively, a move back above the 76.4% level at 0.8104 aims for the 0.8124-33 area, marked by a falling trend line established from January and the 61.8% Fib.

Risk/reward considerations argue against taking a trade at present withprices wedged too closely between near-term up- and down-side technical barriers. We will continue to wait on the sidelines for the time being.

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EUR/GBP Technical Analysis – Euro Sinks to 16-Month Low

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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