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EUR/GBP Technical Analysis: Short Position Now in Play

EUR/GBP Technical Analysis: Short Position Now in Play

2014-12-19 03:02:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.7840
  • Support: 0.7803, 0.7765, 0.7728
  • Resistance: 0.7850, 0.7896, 0.7953

The Euro looks to be resuming its long-term decline against the British Pound after prices completed a Triangle chart formation. Near-term support is at 0.7803, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the September 30 low at 0.7765. Alternatively, a reversal above Triangle floor support-turned-resistance at 0.7850 opens the door for a challenge of the 23.6% level at 0.7896.

We will now enter short, initially targeting 0.7803. A stop-loss will be activated on a daily close above 0.7877. We will take profit on half of the position and move the stop-loss to breakeven once the first objective is reached.

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EUR/GBP Technical Analysis: Short Position Now in Play

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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