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EUR/GBP Technical Analysis: Euro Rebound Hinted Ahead

EUR/GBP Technical Analysis: Euro Rebound Hinted Ahead

Ilya Spivak,

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Bullish Morning Star Candlestick Pattern, Positive RSI Divergence Hint at Euro Bounce
  • Looking to Enter Short in Line with Dominant Long-Term Trend After Upswing Fizzles

The Euro put in a bullish Morning Star candlestick pattern, hinting prices may be preparing to launch an upward correction against the British Pound. Positive RSI divergence hints at ebbing bearish momentum and reinforces the case for an upside scenario.

A daily close above the 14.6% Fibonacci retracement at 0.7057 initially opens the door for a test of the 23.6% level at 0.7103. Alternatively, a reversal below the November 18 low at 0.6982 sees the next critical inflection point at 0.6830, the July 17 bottom.

On balance, the long-term EUR/GBP trend continues to look decidedly bearish. With that in mind, we will look to any upswing from here as corrective and wait for an opportunity to enter short once another concrete sell signal is carved out.

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