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EUR/GBP Technical Analysis: Euro Erases Post-ECB Losses

EUR/GBP Technical Analysis: Euro Erases Post-ECB Losses

2014-09-08 23:40:00
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 has erased losses sustained in the wake of the ECB rate decision against the British Pound, returning to a familiar range top. Near-term resistance is in the 0.8016-33 area, marked by a formerly broken rising trend line and the June 25 high, with a break above that on a daily closing basis exposing the 38.2% Fibonacci retracement at 0.8074. Alternatively, a reversal below range support at 0.7889 clears the way for a challenge of the 38.2% Fib expansion at 0.7834.

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

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EUR/GBP Technical Analysis: Euro Erases Post-ECB Losses

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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