EUR/GBP Technical Analysis – Euro Slumps to 6-Week Low

| 17 april, 2014 | 0 kommentarer

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8217-24 (Pitchfork bottom, 50% Fib exp.), 0.8204 (61.8% Fib exp.)
  • Resistance: 0.8244 (38.2% Fib exp.), 0.8269 (23.6% Fib exp.)

The Euro has turned lower anew against the British Pound, sinking to the lowest level in six weeks and overturning a possible Head and Shoulders setup noted yesterday. Sellers are now testing support in the 0.8217-24 area marked by an Andrew’s Pitchfork bottom and the 50% Fibonacci expansion. A break downward initially exposes the 61.8% level at 0.8204. Alternatively, a move above resistance at 0.8244, the 38.2% Fib, aims for the 23.6% expansion at 0.8269.

Risk/reward considerations argue against entering a short position with prices sitting squarely at near-term support. On the other hand, entering long appears premature absent a defined bullish reversal signal. We will continue to monitor developments from the sidelines for now.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_eur-chf_body_Picture_11.png, EUR/GBP Technical Analysis  Euro Slumps to 6-Week Low

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *