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EUR/GBP Technical Analysis: Euro Breaks Monthly Resistance

EUR/GBP Technical Analysis: Euro Breaks Monthly Resistance

Ilya Spivak, Head Strategist, APAC

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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.

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