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: Trend Line Resistance in Focus

EUR/GBP Technical Analysis: Trend Line Resistance in Focus

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

The Euro put in a bullish Morning Star candlestick pattern, hinting a move higher against the British Pound. A daily close above the 23.6% Fibonacci retracement at 0.7150 exposes falling trend line resistance at 0.7171. Alternatively, a reversal below the 14.6% retracement at 0.7097opens the door for a test of the 76.4% Fib expansion at 0.7028.

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).

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