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EUR/GBP Technical Analysis – Euro Win Streak Continues

EUR/GBP Technical Analysis – Euro Win Streak Continues

2014-05-30 03:06:00
Ilya Spivak, Head Strategist, APAC
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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 attempting to maintain upward momentum against the British Pound after taking out falling channel resistance in play since late April. Buyers are testing the 61.8% Fibonacci expansion at 0.8133, with a daily close above that clearing the way for a test of the 50% level at 0.8157. Support is at 0.8104, the intersection of the 76.4% Fib and the channel top. A reversal below that exposes 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 confirmed bearish reversal signal warns against taking up the short side. Wewill remain flat for now.

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EUR/GBP Technical Analysis – Euro Win 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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