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EUR/GBP Technical Analysis: Pushing Back to Range Top

EUR/GBP Technical Analysis: Pushing Back to Range Top

2014-09-08 04:03:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7889, 0.7834, 0.7772
  • Resistance: 0.8033, 0.8074, 0.8136

The Euro is attempting to claw its way back above the 0.80 figure having found support above July’s swing bottom. A daily close above the 0.8013-33 area marked by a formerly broken rising trend line and the June 25 high exposes the 38.2% Fibonacci retracement at 0.8074. Alternatively, a turn below range support at 0.7889 opens the door for a test of the 38.2% Fib expansion at 0.7834.

Risk/reward considerations argue against entering long with prices pushing up against resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now.

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EUR/GBP Technical Analysis: Pushing Back to Range Top

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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