We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Bullish
Gold
Bearish
Oil - US Crude
Bearish
Bitcoin
Mixed
More View more
EUR/GBP Technical Analysis: Upward Push Out of Steam?

EUR/GBP Technical Analysis: Upward Push Out of Steam?

2014-07-14 00:23:00
Ilya Spivak, Sr. Currency Strategist
Share:

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7936, 0.7913, 0.7885
  • Resistance:0.7970, 0.8005, 0.8033

The Euro is struggling to continue higher having attempted to recover against the British Pound as expected after putting in a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.7970, the 23.6% Fibonacci retracement, with a break above that on a daily closing targeting the 38.2% level at 0.8005. Alternatively, a move back below the 50% Fib expansion at 0.7936 clears the way for another challenge of the 61.8% barrier at 0.7913.

We are tactically opting not to pursue a long position, choosing not be long the Euro considering the ECB is shaping up to be the most dovish of the major central banks over the coming months. Rather, we will continue to monitor the upswing for opportunities to enter short.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/GBP Technical Analysis: Upward Push Out of Steam?

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.

DISCLOSURES

News & Analysis at your fingertips.