Forex: EUR/GBP Technical Analysis – Sellers Aim Below 0.82

| 27 februari, 2014 | 0 kommentarer

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8167 (38.2% Fib exp.), 0.8131 (50% Fib exp.)
  • Resistance:0.8212 (23.6% Fib exp.), 0.8274-99 (trend line cluster)

The Euro continues to sink against the British Pound after prices put in a bearish Dark Cloud Cover candlestick pattern below resistance in a falling trend line cluster (now in the 0.8274-99 area). Sellers now aim to challenge the 38.2%Fibonacci expansion at 0.8167, with a break below that targeting the 50% level at 0.8131. Alternatively, a move abovethe 23.6% Fib at 0.8212 exposes 0.8274 anew.

As we noted yesterday, a reasonable invalidation point for a short position is the February 24 high at 0.8286. Maintaining a risk/reward ratio of at least 1:1 would require a short entry price no lower than 0.8227 given a target of 0.8167. That is not only above the current market but also beyond near-term resistance, arguing against taking the trade for now. As such, we remain flat.

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

dailyclassics_eur-chf_body_Picture_11.png, Forex: EUR/GBP Technical Analysis  Sellers Aim Below 0.82

Daily Chart – Created Using FXCM Marketscope 2.0

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

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 *