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: Euro Pauses to Digest Losses

EUR/GBP Technical Analysis: Euro Pauses to Digest Losses

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

The Euro declined against the British Pound as expected after putting in a Shooting Star candlestick below the 0.74 figure. Near-term support is at 0.7149, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 0.7005. Alternatively, a turn above the 14.6% Fib at 0.7239 clears the way for a challenge of the 0.7384-92 area (38.2% Fib retracement, March 25 high).

We sold EURGBP at 0.7311 and have since booked profit on half of the trade. The remainder of the trade will continue to stay in play with a stop-loss at the breakeven level (0.7311) to take advantage of any further downward movement.

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