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EUR/GBP Technical Analysis: Euro Drops Most in 2 Years

EUR/GBP Technical Analysis: Euro Drops Most in 2 Years

2015-05-08 03:30:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7222, 0.7153, 0.7052
  • Resistance: 0.7279, 0.7356, 0.7482

The Euro is facing heavy selling pressure as early results from the UK general election send the British Pound broadly higher. A daily close below horizontal pivot support at 0.7222 exposes the 38.2% Fibonacci expansion at 0.7153. Alternatively, a turn above the 23.6% Fib at 0.7279 opens the door for a challenge of the 14.6% expansion at 0.7356.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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EUR/GBP Technical Analysis: Euro Drops Most in 2 Years

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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