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EUR/GBP Technical Analysis: Familiar Range Remains in Play

EUR/GBP Technical Analysis: Familiar Range Remains in Play

2014-11-27 00:14:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7873, 0.7777, 0.7728
  • Resistance: 0.7953, 0.8033, 0.8084

The Euro is stalling near the middle of the choppy trading range against the British Pound that has contained price action since mid-August. A daily close below the 0.7873-96 area marked by the July 23 low and the 23.6% Fibonacci expansion exposes the 0.7788-0.7803 zone (September 30 close, 38.2% level). Alternatively, a turn above the 14.6% Fib at 0.0.7953 clears the way for a test of range top resistance at 0.8033.

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: Familiar Range Remains in Play

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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