Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
EUR/GBP Technical Analysis: Aiming Below 0.73 Figure

EUR/GBP Technical Analysis: Aiming Below 0.73 Figure

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

The Euro looks vulnerable to deeper losses against the British Pound after prices turned downward from trend line resistance in play since early January. A daily close below the 50% Fibonacci expansionat 0.7290 exposes the 61.8% level at 0.7219. Alternatively, a turn above the intersection of trend line resistance and the 38.2% Fib at 0.7361opens the door for a test of the 23.6% expansion at 0.7449.

We entered short EURGBP at 0.7341, initially targeting 0.7290. A stop-loss will be triggered on a daily close above 0.7386. We will book half of the position and move the stop-loss 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.com

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

DISCLOSURES