DailyFX.com -
To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
-
EUR/GBP Technical Strategy: Flat
-
Support: 0.7117, 0.7055, 0.6982
-
Resistance: 0.7155, 0.7218, 0.7268
The Euro moved higher against the British Pound as expected after putting in a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.7155, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 7218. Alternatively, a reversal below the 14.6% Fib at 0.7117 clears the way for a test of the May 27 low at 0.7055.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.