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EUR/GBP Technical Analysis: Short Setup Proving Elusive

EUR/GBP Technical Analysis: Short Setup Proving Elusive

2014-09-05 04:04:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/GBP Technical Strategy: Pending Short
  • Support: 0.7889, 0.7834, 0.7772
  • Resistance:0.8010, 0.8033, 0.8074

The Euro reversed sharply lower against the British Pound in the wake of the ECB monetary policy announcement. Near-term support is marked by a horizontal support shelf at 0.7889, with a break below that on a daily closing basis exposing the 38.2% Fibonacci expansion at 0.7834. Alternatively, a move above rising trend line support-turned-resistance at 0.8010 clears the way for a challenge of the June 25 high at 0.8033.

Last week’s rising trend line break suggests the longer-term Euro down trend against the Pound is underway once again. Prices are too close to support to justify entering short at market from a risk/reward perspective however. With that in mind, we will remain on the sidelines for the time being.

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EUR/GBP Technical Analysis: Short Setup Proving Elusive

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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