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EUR/GBP Technical Analysis: Still Stalling Below 0.72 Mark

EUR/GBP Technical Analysis: Still Stalling Below 0.72 Mark

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7124, 0.7061, 0.6961
  • Resistance: 0.7174, 0.7225, 0.7287

The Euro paused to digest losses after declining to the lowest level in two weeksagainst the British Pound. A daily close below the 61.8% Fibonacci expansion at 0.7124 exposes the 76.4% level at 0.7061. Alternatively, a move above the 50% Fib at 0.7174opens the door for a challenge of the 38.2% threshold at 0.7225.

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.

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EUR/GBP Technical Analysis: Still Stalling Below 0.72 Mark

--- 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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