To receive Ilya's analysis directly via email, please SIGN UP HERE
- EUR/GBP Technical Strategy: Flat
- Support: 0.7950, 0.7914-24, 0.7873
- Resistance:0.7997, 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 at 0.7997, the 23.6% Fibonacci retracement, exposes the 38.2% level at 0.8074. Alternatively, a turn back below 0.7950, the 14.6% Fib, clears the way for a challenge of resistance-turned-support in the 0.7914-24 area.
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!
Daily Chart - Created Using FXCM Marketscope 2.0