Never miss a story from Ilya Spivak

Subscribe to recieve updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from Daily FX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage you subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro rally stalls below 0.86 figure against the British Pound
  • Overall trend still bearish but actionable trade setup absent

A Euro recovery has paused to digest gains below the 0.86 figure after prices advanced to the highest level since mid-March against the British Pound. The trend since the beginning of the year continues to be defined by a series of lower highs and lows, but at this point just barely so.

From here, a daily close above the May 26 high at 0.8751 opens the door for a test of the 0.8787-94 area (March 3 high, 38.2% Fibonacci expansion). Alternatively, a turn below the 23.6% Fib retracement at 0.8664 sees the next downside barrier at 0.8611, the 38.2% threshold.

A compelling trading opportunity looks to be absent for now. The absence of a defined short trade signal warns against attempting to fade recent gains while proximity to resistance means that betting on continuation is unattractive from a risk/reward perspective. On balance, standing aside seems prudent for now.

What makes EUR/GBP one of the top DailyFX trades for 2017? See our forecast and find out!

EUR/GBP Technical Analysis: Euro Rally Stalls - Now What?