EUR/GBP Technical Analysis: Stalling Above 0.73 Threshold
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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 is digesting losses below the 0.74 figure against the British Pound having dropped to the lowest level in seven years. A daily close below the 38.2% Fibonacci expansion at 0.7361 exposes the 50% level at 0.7290. Alternatively, a turn above support-turned-resistance at 0.7403 marked by the January 26 low opens the door for a test of the 23.6% Fib at 0.7449.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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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.