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EUR/GBP Technical Analysis: Selloff Slows Above 0.78 Mark

EUR/GBP Technical Analysis: Selloff Slows Above 0.78 Mark

2014-11-04 04:39:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7803, 0.7728, 0.7654
  • Resistance: 0.7896, 0.7953, 0.8030

The Euro declined as expected against the British Pound after prices produced a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 0.7803, the 38.2% Fibonacci expansion, with break below that on a daily closing basis exposing the 0.7728-51 area marked by the July 2012 low and the 50% level. Alternatively, a turn above the 0.7873-96 zone (July 23 low, 23.6% Fib) opens the door for a challenge of the 14.6% expansion at 0.7953.

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 long side is premature. With that in mind we will remain flat for now.

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EUR/GBP Technical Analysis: Selloff Slows Above 0.78 Mark

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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