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: Looking to Re-Establish Short

EUR/GBP Technical Analysis: Looking to Re-Establish Short

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7836, 0.7809, 0.7751
  • Resistance: 0.7880, 0.7915, 0.7950

The Euro launched an aggressive recovery against the British Pound, issuing the largest daily advance in a month. Near-term resistance is at 7880, the 38.2% Fibonacci retracement, with a break above that exposing the 0.7907-15 area marked by the underside of a previously broken triangle pattern and the 50% level. Alternatively, a reversal below the 23.6% Fib at 0.7836 opens the door for a test of the 14.6% retracement at 0.7809.

We entered short EURGBP at 0.7850and have since taken profit on half of our exposure.The rest of the trade stopped out at breakeven and we will monitor price action here for another selling opportunity in the days ahead.

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

EUR/GBP Technical Analysis: Looking to Re-Establish Short

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