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EUR/GBP Technical Analysis: Euro Snaps Losing Streak

EUR/GBP Technical Analysis: Euro Snaps Losing Streak

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7654, 0.7594, 0.7540
  • Resistance: 0.7691, 0.7765, 0.7800

The Euro snapped an eight-day losing streak against the British Pound, producing the largest advance in three weeks. Near-term resistance is at 0.7691, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 0.7751-65 area marked by the 38.2% level and September 30 low. Alternatively, a reversal below the 14.6% Fib at 0.7654 clears the way for a test of the January 16 low at 0.7594.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short 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!

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.