Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
EUR/GBP Technical Analysis: Buyers Clear Path Above 0.76

EUR/GBP Technical Analysis: Buyers Clear Path Above 0.76

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7491, 0.7403, 0.7328
  • Resistance: 0.7545, 0.7633, 0.7704

The Euro launched a recovery against the British Pound as expected after showing a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.7633, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 0.7704. Alternatively, a reversal below the 23.6% Fib at 0.7545 clears the way for a test of the 14.6% retracement at 0.7491.

Our fundamental outlook calls for broad-based Euro weakness as the ECB introduces aggressive stimulus expansion. With that in mind, we will treat on-coming gains as an opportunity to enter short rather than a long trade setup. In the meantime, we remain flat.

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.com

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

DISCLOSURES