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.

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
EUR/USD
Mixed
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Heads Up:🇦🇺 Ai Group Services Index (APR) due at 22:30 GMT (15min) Previous: 58.7 https://www.dailyfx.com/economic-calendar#2021-05-06
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/dX69A341oc
  • US Dollar Outlook: USD/CAD Volatility to Rise, Jobs Data Looms -via @DailyFX Link to Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2021/05/06/us-dollar-outlook-usd-cad-volatility-to-rise-jobs-data-looms.html #NFP $DXY $USDCAD https://t.co/OIYZ2YXxLK
  • Heads Up:🇺🇸 Fed Kaplan Speech due at 22:05 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-06
  • The Federal Reserve discussed the vulnerability of asset prices should appetite change. Get your market update here: https://t.co/0nAEKEX1eh https://t.co/BD24UcDeyT
  • EUR/USD stronger amid broad USD weakness on Thursday $EURUSD https://t.co/h042KoSyuA
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.98% 🇨🇭CHF: 0.60% 🇦🇺AUD: 0.49% 🇳🇿NZD: 0.26% 🇯🇵JPY: 0.11% 🇬🇧GBP: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4u2cNfSmLn
  • RT @BrendanFaganFx: Federal Reserve Hints at Potential Declines in Asset Prices, Calls for Hedge Fund Transparency #Fed #FederalReserve #F…
  • Both EUR/JPY and EUR/USD are hovering near multi-year downtrend downtrends, while EUR/GBP may still have more room to the topside. Get your $EUR market update from @CVecchioFX here:https://t.co/2SYCKwz8hz https://t.co/tj6UQUDzRL
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 3.18% Gold: 1.61% Oil - US Crude: 0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/mo9LS3teJl
EUR/GBP Technical Analysis: Euro Breaks Monthly Resistance

EUR/GBP Technical Analysis: Euro Breaks Monthly Resistance

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro Reverses Upward vs. British Pound, Overturns Bearish Breakout
  • Opting to Stand Aside, Waiting for More Attractive Risk/Reward Setup

The Euro reversed upward against the British Pound, breaking above resistance capping gains over the past month. Prices seemed to be breaking downward from a consolidation range but bearish momentum failed to materialize, with the pair finding support below the 0.72 figure and moving to re-test late-August highs.

Near-term resistance is at 0.7384, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis opening the door for a challenge of the 50% level at 0.7442. Alternatively, a turn below 0.7312 – the intersection of the 23.6% Fib and trend line resistance-turned-support – clears the way for a test of the 14.6% expansion at 0.7268.

The available trading range is smaller than 20-day ATR, suggesting prices are wedged too closely between immediate support and resistance levels to justify a taking a trade from a risk/reward perspective. We will continue to stand aside for now, waiting for a more compelling opportunity to present itself.

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

EUR/GBP Technical Analysis: Euro Breaks Monthly Resistance

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES