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EUR/GBP Technical Analysis: Euro Short Trade Triggered

EUR/GBP Technical Analysis: Euro Short Trade Triggered

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Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.7341
  • Support: 0.7290, 0.7219, 0.7131
  • Resistance: 0.7361, 0.7449, 0.7503

The Euro may be resuming its down trend against the British Pound after recoiling from trend line resistance capping gains since early January. Near-term support is at 0.7290, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 0.7219. Alternatively, a reversal above the intersection of trend line resistance and the 38.2% Fib at 0.7361clears the way for a challenge of the 23.6% expansion at 0.7449.

We will now enter short, initially targeting 0.7290. A stop-loss will be activated on a daily close above 0.7386. We will take profit on half of the position and move the stop to the breakeven level once the first objective is reached.

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 provides forex news and technical analysis on the trends that influence the global currency markets.