EUR/GBP Technical Analysis: March Bottom Under Pressure
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- EUR/GBP Technical Strategy: Flat
- Support: 0.7052, 0.6950, 0.6825
- Resistance: 0.7084, 0.7153, 0.7282
The Euro continues to edge downward having declined against the British Pound as expected after producing a Bearish Engulfing candlestick pattern. Near-term support is at 0.7052, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 0.6950. Alternatively, a reversal above trend line resistance at 0.7084 clears the way for a test of the 38.2% Fib at 0.7153.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents 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.