Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
EUR/GBP Technical Analysis: Euro Hits Five-Month High

EUR/GBP Technical Analysis: Euro Hits Five-Month High

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7141, 0.7035, 0.6930
  • Resistance: 0.7206, 0.7271, 0.7352

The Euro continued to recover for a second day against British Pound, hitting the highest level in five weeks. A daily close above the 50% Fibonacci retracement at 0.7206 exposes the 61.8% level at 0.7271. Alternatively, a turn below the 38.2% Fib at 0.7141 opens the door for a challenge of trend line support at 0.7035.

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!

--- 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.

DISCLOSURES