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EUR/GBP Technical Analysis – Euro Bounces to 1-Week High

EUR/GBP Technical Analysis – Euro Bounces to 1-Week High

2014-05-29 03:25:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8104 (76.4% Fib exp, channel top), 0.8056-81 (100% Fib exp., May 23 low)
  • Resistance:0.8133 (61.8% Fib exp.), 0.8157 (50% Fib exp.)

The Euro is aiming to extend its advance against the British Pound after prices broke resistance at the top of a falling channel in play since late April. Resistance is now at 0.8133, the 61.8% Fibonacci expansion, with a break above that exposing the 50% level at 0.8157. Alternatively, a daily close below 0.8104 – the intersection of the 76.4% Fib and the channel top, clears the way for a test of the May 23 low at 0.8081 and the 100% expansion at 0.8056.

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

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EUR/GBP Technical Analysis – Euro Bounces to 1-Week High

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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