EUR/GBP Technical Analysis: Treading Water Near 0.71
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- EUR/GBP Technical Strategy: Flat
- Support: 0.7052, 0.6950, 0.6825
- Resistance: 0.7111, 0.7153, 0.7282
The Euro is treading water after falling against the British Pound as expected having put in a Bearish Engulfing candlestick pattern. A daily close below the 50% Fibonacci expansionat 0.7052 exposes the 61.8% level at 0.6950. Alternatively, a turn above trend line resistance at 0.7111 opens the door for a challenge of the 38.2% Fib at 0.7153.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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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.