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

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/GBP bid but plenty of downside risk

  2. Forex News

    US Dollar Targets Fresh Highs versus Yen, Euro - Levels to Watch

  3. Forex News

    EUR/GBP rejected at 0.7091

  4. Forex News

    EUR/GBP in tight range near 0.7070

  5. Forex News

    EUR/GBP Technical Analysis: March Bottom Under Pressure

Trading Center