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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/GBP Technical Analysis: Rally Falters Below 0.76 Mark

EUR/GBP Technical Analysis: Rally Falters Below 0.76 Mark

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7503, 0.7591, 0.7671
  • Resistance: 0.7449, 0.7361, 0.7290

The Euro recoiled downward after finding resistance below the 0.76 figure against the British Pound having attempted a bounce as expected. A daily close below the 23.6% Fibonacci expansion at 0.7449 exposes the 38.2% level at 0.7361. Alternatively, a turn above the 14.6% Fib at 0.7503 opens the door for a challenge of the February 3 high at 0.7591.

An actionable trade setup is absent at this point. On one hand, prices are too close to support to enter short from a risk/reward perspective. On the other, our fundamental outlook calls for broad-based Euro weakness and we prefer to treat any oncoming gains as an opportunity to short rather than a stand-alone long-trade setup. With that in mind, 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