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EUR/GBP Technical Analysis – Euro Finds Channel Support

EUR/GBP Technical Analysis – Euro Finds Channel Support

2014-05-25 22:54:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8074 (channel floor), 0.8056 (100% Fib exp.)
  • Resistance:0.8104 (76.4% Fib exp.), 0.8133 (61.8% Fib exp.)

The Euro has found support at the bottom of a falling channel support set from late April, with back-to-back indecision candles warning of a bounce ahead. The first layer of resistance is at 0.8104, the 76.4% Fibonacci expansion. A daily close above this barrier targets the 61.8% Fib at 0.8133 (a level is bolstered by the channel top). Alternatively, a reversal beneath channel support (now at 0.8074) exposes the 100% Fib at 0.8056.

The available trading range is too narrow to allow for a short trade from a risk/reward perspective. On balance, we remain on the sidelines for the time being.

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EUR/GBP Technical Analysis – Euro Finds Channel Support

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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