EUR/GBP Technical Analysis: Eyeing Resistance Near 0.80

By DailyFx | Updated August 06, 2014 AAA

DailyFX.com -

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7904, 0.7860-73, 0.7783
  • Resistance:0.7984-97, 0.8074, 0.8136

The Euro moved higher against the British Pound as expected after prices produced in a bullish Morning Star candlestick pattern. A daily close above resistance in the 0.7984-97 area, marked by the 23.6% Fibonacci retracement and the August 1 high, exposes the 38.2% level at 0.8074. Alternatively, a turn back below trend line resistance-turned-resistance at 0.7904 clears the way for a challenge of the 0.7860-73 region, bracketed by the July 23 low and the 23.6% Fib expansion.

We are tactically opting not to pursue a long position, choosing not be long the Euro considering the ECB is shaping up to be the most dovish of the major central banks over the coming months. Rather, we will continue to monitor the upswing for opportunities to enter short.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/GBP Technical Analysis: Eyeing Resistance Near 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