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EUR/GBP Technical Analysis: Six-Day Win Streak Broken

EUR/GBP Technical Analysis: Six-Day Win Streak Broken

2015-06-05 01:34:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7289, 0.7234, 0.7165
  • Resistance: 0.7344, 0.7413, 0.7524

The Euro paused to consolidate gains after reversing upward against the British Pound as expected, snapping a six-day winning streak. A daily close above the 61.8% Fibonacci expansion at 0.7344 exposes the 76.4% level at 0.7413. Alternatively, a turn below the 50% Fib at 0.7289 opens the door for a challenge of the 38.2% retracement at 0.7234.

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/GBP Technical Analysis: Six-Day Win Streak Broken

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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