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EUR/GBP Technical Analysis: Euro Trying to Break Range

EUR/GBP Technical Analysis: Euro Trying to Break Range

2014-12-01 03:26:00
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 attempting to build upside momentum against the British Pound as prices flirt breaking familiar range resistance. Near-term resistance is at 0.7953, the 14.6%Fibonacci expansion, with a break above that on a daily closing basis exposing range top resistance at 0.8033. Alternatively, a reversal below the 0.7873-96 area marked by the July 23 low and the 23.6% level opens the door for a challenge of the 0.7788-0.7803 zone (September 30 close, 38.2% Fib).

Risk/reward considerations argue against entering long without confirmation of a resistance break. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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EUR/GBP Technical Analysis: Euro Trying to Break Range

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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