EUR/GBP Technical Analysis – A Bottom Set Below 0.80?

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7978, 0.7950, 0.7927
  • Resistance:0.8023, 0.8062, 0.8081

The Euro may be on track to launch a rebound against the British Pound after prices put in a bullish Piercing Line candlestick pattern. Initial resistance comes in at 0.8023, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 0.8062. Alternatively, a drop through the 23.6% Fib expansion at 0.7978 targets the June 16 low at 0.7958, followed by the 38.2% level at 0.7950.

The ECB looks to be the most dovish of the leading central banks, putting the Euro at an inherent disadvantage against its G10 counterparts. As such, we will opt not pursue buying opportunities, looking to any corrective gains for an opening to enter short (as discussed in our weekly outlook).

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

EUR/GBP Technical Analysis – A Bottom Set Below 0.80?

Daily Chart - Created Using FXCM Marketscope 2.0

Related Forex Analysis
  1. EUR/GBP digs the bottom of 3-week range
    Forex News

    EUR/GBP digs the bottom of 3-week range

  2. EUR/GBP Technical Analysis: Conflicting Chart Signals Persist
    Forex News

    EUR/GBP Technical Analysis: Conflicting Chart Signals Persist

  3. EUR/GBP supported near 0.7860
    Forex News

    EUR/GBP supported near 0.7860

  4. EUR/GBP Technical Analysis: Torn Between Competing Cues
    Forex News

    EUR/GBP Technical Analysis: Torn Between Competing Cues

  5. EUR/GBP at the roof of current range
    Forex News

    EUR/GBP at the roof of current range

Trading Center