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EUR/GBP Technical Analysis: Aiming Above 0.91 Figure

EUR/GBP Technical Analysis: Aiming Above 0.91 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Long at 0.9067
  • Euro breaks higher from consolidation range, aims to test above 0.91
  • Prices poised to challenge trend-defining swing top set in October 2016

The Euro found fuel for another pus higher having spent a week in a narrow consolidation, with buyers now poised to try their luck above the 0.91 figure against the British Pound. That puts the pair on course to challenge the major swing top set in October 2016.

Near-term resistance is now at 0.9136, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis opening the door for a challenge of the 76.4% level at 0.9229. Alternatively, a turn back below the 50% Fib at 0.9061 paves the way for a retest of 0.8986 (14.6% expansion, trend line).

Risk/reward parameters look acceptable to take a shot at entering long and a trade has been opened at 0.9067. The trade initially targets 0.9136, with a stop-loss set to activate on a daily close back below 0.9047. Profit on half of the trade will be booked and the stop moved to breakeven upon hitting the first objective.

What do retail traders’ buy/sell decisions hint about Euro and British Pound trends? Find out here !

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

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