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EUR/GBP Technical Analysis: Short Trade Hits First Target

EUR/GBP Technical Analysis: Short Trade Hits First Target

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.7850
  • Support: 0.7803, 0.7728, 0.7654
  • Resistance: 0.7896, 0.7953, 0.8030

The Euro moved lower against the British Pound as expected after showing a bearish Dark Cloud Cover candlestick pattern. A daily close below the 38.2% Fibonacci expansionat 0.7803 exposes the 0.7728-51 area marked by the July 2012 low and the 50% level. Alternatively, a reversal above the 0.7873-96 zone (July 23 low, 23.6% Fib) clears the way for a test of the 14.6% expansion at 0.7953.

We entered short EURGBP at 0.7850. Prices narrowly hit our first objective at 0.7803 and we have now booked half of the profit on the trade. The remainder of the trade will remain open to capture any further downside with a stop-loss adjusted to the breakeven level (0.7850)

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EUR/GBP Technical Analysis: Short Trade Hits First Target

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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