News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/GBP Technical Analysis: Euro Falls for 6th StraightDay

EUR/GBP Technical Analysis: Euro Falls for 6th StraightDay

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.7850
  • Support: 0.7802, 0.7740, 0.7663
  • Resistance: 0.7864, 0.7902, 0.7941

The Euro continues to edge downward against the British Pound, with prices falling for a sixth consecutive day. Near-term support is at 0.7802, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 0.7740. Alternatively, a reversal above the 38.2% Fib at 0.7864 clears the way for a challenge of triangle floor support-turned-resistance at 0.7902.

We entered short EURGBP at 0.7850, initially targeting 0.7802. A stop-loss has been set to trigger on a daily close above 0.7898. We will book on half of the trade and move the stop-loss to breakeven once the first target is met.

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

EUR/GBP Technical Analysis: Euro Falls for 6th StraightDay

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