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EUR/GBP Technical Analysis: Euro Rises to Monthly High

EUR/GBP Technical Analysis: Euro Rises to Monthly High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7216, 0.7139, 0.7013
  • Resistance: 0.7342, 0.7443, 0.7545

The Euro moved upward against the British Pound as expected after producing a bullish Morning Star candlestick pattern. Near-term resistance is at 0.7342, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 0.7443. Alternatively, a turn below the 23.6% Fib at 0.7216clears the way for a challenge of the 14.6% retracement at 0.7139.

Our long-term outlook calls for broad-based Euro weakness. With that in mind, we will treat any on-coming gains as corrective, looking to enter short at a more attractive level rather than a seeing the move higher as a buying opportunity. In the meantime, we remain flat.

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.

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