EUR/GBP Technical Analysis – Euro Rebound Hinted Ahead

By DailyFx | June 18, 2014 AAA

DailyFX.com -

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7958 (Jun 16 low)
  • Resistance:0.0.8023 (14.6% Fib ret.), 0.8062 (23.6% Fib ret.)

The Euro has found tentative support below the 0.80 figure against the British Pound, with a bullish Piercing Line candlestick hinting a rebound is ahead. Resistance is at 0.8023, the 14.6% Fibonacci retracement, with a daily close below that targeting the 23.6% level at 0.8062. Near-term support is at 0.7958, the June 16 low.

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 – Euro Rebound Hinted Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. GBP/USD recovering from Asian lows
    Forex News

    GBP/USD recovering from Asian lows

  2. USD/JPY mellow on the back of USD sell-off
    Forex News

    USD/JPY mellow on the back of USD sell-off

  3. Dollar Cheered in Press, But Data and Fed Chatter Turning
    Forex News

    Dollar Cheered in Press, But Data and Fed Chatter Turning

  4. EUR/USD Downside Targets Favored Ahead of ECB on Slowing Inflation
    Forex News

    EUR/USD Downside Targets Favored Ahead of ECB on Slowing Inflation

  5. US Dollar Technical Analysis: Is a Pullback in the Cards?
    Forex News

    US Dollar Technical Analysis: Is a Pullback in the Cards?

Trading Center