EUR/GBP Technical Analysis: Sellers Overcome 0.74 Figure
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- EUR/GBP Technical Strategy: Flat
- Support: 0.7361, 0.7290, 0.7219
- Resistance: 0.7403, 0.7449, 0.7503
The Euro issued its first series of back-to-back losses in three weeks against the British Pound, with sellers claiming a foothold below the 0.74 figure. Near-term support is at 0.7361, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 0.7290. Alternatively, reversal above support-turned-resistance at 0.7403marked by the January 26 low clears the way for a challenge of the 23.6% Fib at 0.7449.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com