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EUR/GBP Technical Analysis: Euro Slides to Seven-Year Low

EUR/GBP Technical Analysis: Euro Slides to Seven-Year Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7649, 0.7580, 0.7511
  • Resistance: 0.7692, 0.7727, 0.7761

The Euro is accelerating downward having turned lower against the British Pound as expected after forming a bearish Three Inside Down candlestick pattern. Near-term support is at 0.7649, the 76.4% Fibonacci expansion, with break below that on a daily closing basis exposing the 100% level at 0.7649. Alternatively, a reversal above the 61.8% Fib at 0.7692 opens the door for a challenge of the 50% expansion at 0.7727.

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.

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

EUR/GBP Technical Analysis: Euro Slides to Seven-Year Low

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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