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EUR/GBP Technical Analysis: January Low in the Crosshairs

EUR/GBP Technical Analysis: January Low in the Crosshairs

2015-02-09 04:08:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7403, 0.7361, 0.7290
  • Resistance: 0.7449, 0.7503, 0.7591

The Euro continues to correct downward, retesting the late January low above the 0.74 figure against the British Pound. A daily close below the January 26 low at 0.7403 exposes the 38.2% Fibonacci expansion at 0.7361. Alternatively, a turn above the 23.6% Fib at 0.7449 opens the door for a challenge of the 14.6% expansion at 0.7503.

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.

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EUR/GBP Technical Analysis: January Low in the Crosshairs

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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