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EUR/GBP Technical Analysis: Candle Setup Hints at Bounce

EUR/GBP Technical Analysis: Candle Setup Hints at Bounce

2014-12-09 01:43:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7809, 0.7751, 0.7662
  • Resistance: 0.7899, 0.7954, 0.8033

The Euro may be readying a recovery against the British Pound after prices produced a bullish Piercing Line candlestick pattern. Near-term resistance is at 0.7899, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing support-turned-resistance at 0.7954. Alternatively, a reversal below the 23.6% level at 0.7809 clears the way for a test of the 0.7751-65 area marked by the July 23 2012 and September 30 2014 lows.

While the bullish reversal signal implied by the Piercing Line setup remains valid, follow-through has been noticeably absent. Furthermore, the series of lower highs and lower lows defining the down trend from the November 19 high remains intact. As such, we will opt to wait for added confirmation before pulling the trigger on a long position.

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EUR/GBP Technical Analysis: Candle Setup Hints at Bounce

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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