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EUR/GBP Technical Analysis: Sellers Overcome 0.74 Figure

EUR/GBP Technical Analysis: Sellers Overcome 0.74 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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.

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.

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