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EUR/GBP Technical Analysis: Treading Water Above 0.70

EUR/GBP Technical Analysis: Treading Water Above 0.70

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7074, 0.7045, 0.6987
  • Resistance: 0.7140, 0.7187, 0.7235

The Euro is in consolidation mode having returned to levels prevailing ahead of this week’s dramatic opening gap and subsequent reversal. A daily close above the 38.2% Fibonacci retracement at 0.7140 exposes the 50% level at 0.7187. Alternatively, a move below the 0.7074-81 area (23.6% Fib, trend line) opens the door for a challenge of the 14.6% retracement at 0.7045.

An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.

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EUR/GBP Technical Analysis: Treading Water Above 0.70

--- 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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