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EUR/GBP Technical Analysis: Ready to Turn Lower Anew?

EUR/GBP Technical Analysis: Ready to Turn Lower Anew?

2014-10-17 02:26:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7953, 0.7873, 0.7777
  • Resistance: 0.8057, 0.8148, 0.8267

The Euro may be topping against the British Pound after prices produced a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 0.7953, the 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 0.7873-96 area marked by the July 23 low and the 23.6% level. Alternatively, a push above the 0.8033-57 zone (June 25 high, channel top) opens the door for a challenge of a longer-term 38.2% Fib retracement at 0.8148.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that 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: Ready to Turn Lower Anew?

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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