EUR/GBP Technical Analysis: Euro Poised to Test Under 0.70
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- EUR/GBP Technical Strategy: Short at 0.7341
- Support: 0.6989, 0.6847, 0.6759
- Resistance: 0.7131, 0.7219, 0.7290
The Euro looks set to continue lower against the British Pound after prices cleared support above the 0.71 figure. A daily close below the 100% Fibonacci expansionat 0.6989 exposes the 123.6% level at 0.6847. Alternatively, a turn above the 76.4% Fib at 0.7131 opens the door for a test of 0.7219, the intersection of a fallingthe trend line and the 61.8% expansion.
We entered short EURGBP at 0.7341 and subsequently booked profit on half of the position. The rest of the trade remains open to capture any further downside. The stop-loss has been adjusted to the breakeven level (0.7341).
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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.