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.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
EUR/GBP Technical Analysis: Selloff Pauses at 2-Month Low

EUR/GBP Technical Analysis: Selloff Pauses at 2-Month Low

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

Talking Points:

The Euro corrected modestly higher after swiftly sinking to the lowest level in over two months against the British Pound. Prices reversed downward as expected after putting in a bearish Dark Cloud Cover candlestick pattern at resistance below the 0.75 figure.

Near-term support is now at 0.7145, the 61.8% Fibonacci retracement, with a break below that on a daily closing basis opening the door for a test of the 76.4% level at 0.7063. Alternatively, a move back above support-turned-resistance at 0.7211, the 50% Fib, sees the next upside barrier at 0.7278 marked by the 38.2% retracement.

We sold EUR/GBP at 0.7325 and have since taken profit on half of the trade. The rest of the position continues to be in play to take advantage of further weakness ahead. The stop-loss has been adjusted downward to the breakeven level.

Losing Money Trading Forex? This Might Be Why.

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

DISCLOSURES