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EUR/GBP Technical Analysis: Euro Hits 3-Year High vs. Pound

EUR/GBP Technical Analysis: Euro Hits 3-Year High vs. Pound

Ilya Spivak,

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro breaks July swing top, hits 3-year high against British Pound
  • Prices on pace to secure longest winning streak since January 2013

The Euro continues to push higher against the British Pound, pushing above July’s swing high to rise to the highest level in three years. Prices are working on the seventh consecutive advance in bid to match the longest winning streak since January 2013.

A daily close above the 50% Fibonacci expansion at 0.8762 opens the door for a challenge of the 61.8% level at 0.8884. Alternatively, a reversal back below the 0.8627-41 area (38.2% Fib, July 6 high) clears the way for a retest of the 23.6% expansion at 0.8491.

Prices are too close to immediate resistance to justify entering a long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal warns against taking up the short side. With that in mind opting for the sidelines seems prudent for the time being.

Losing money trading EUR/GBP? This may be why.

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