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EUR/GBP Technical Analysis: Euro Drops Most in 2 Weeks

EUR/GBP Technical Analysis: Euro Drops Most in 2 Weeks

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7803, 0.7765, 0.7728
  • Resistance: 0.7953, 0.8033, 0.8084

The Euro renewed its push downward against the British Pound, issuing the largest daily decline in two weeks. A daily close below the 0.7803-20 area marked by a rising trend line and the 38.2% Fibonacci expansion exposes the September 30 low at 0.7765. Alternatively, a turn above the 23.6% Fib at 0.7896 clears the way for a test of the 14.6% expansion at 0.7953.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/GBP Technical Analysis: Euro Drops Most in 2 Weeks

Daily Chart - Created Using FXCM Marketscope

--- 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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