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EUR/GBP Technical Analysis: A Top in Place Below 0.74?

EUR/GBP Technical Analysis: A Top in Place Below 0.74?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7222, 0.7171, 0.7121
  • Resistance: 0.7284, 0.7322, 0.7385

The Euro put in a bearish Evening Star candlestick pattern, hinting a move lower against the British Pound is ahead. Near-term support is at 0.7222, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 0.7171. Alternatively, a reversal above the 23.6% Fib at 0.7284 clears the way for a test of the 14.6% expansion at 0.7322.

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.

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

EUR/GBP Technical Analysis: A Top in Place Below 0.74?

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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