EUR/GBP Technical Analysis: Support Sub-0.70 Under Fire

| 5 augusti, 2015 | 0 kommentarer

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.6985, 0.6930, 0.6876
  • Resistance: 0.7051, 0.7092, 0.7159

The Euro declined against the British Pound as expected after producing a bearish Dark Cloud Cover candlestick pattern. A daily close below the 38.2% Fibonacci expansion at 0.6985 exposes the 50% level at 0.6930. Alternatively, a reversal back above the 23.6% Fib at 0.7051 opens the door for a challenge of trend line resistance at 0.7092.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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EUR/GBP Technical Analysis: Support Sub-0.70 Under Fire

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

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Kategori: Analys från DailyFX

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