EUR/GBP Technical Analysis: Resistance Sub-0.80 Holds Up

By DailyFx | August 11, 2014 AAA

DailyFX.com -

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7950, 0.7889, 0.7873
  • Resistance:0.7997, 0.8074, 0.8136

The Euro launched upward against the British Pound as expected after prices produced in a bullish Morning Star candlestick pattern. Near-term resistance is at 0.7997, the 23.6% Fibonacci retracement. A break above that on a daily closing basis exposes the 38.2% level at 0.8074. Alternatively, a reversal below the 14.6% Fib at 0.7950 opens the door for a test of trend line resistance-turned-resistance at 0.7889.

The ECB looks to be the most dovish of the leading central banks, putting the Euro at a disadvantage against its major counterparts. With that in mind, we will opt not to pursue a long position and wait for the bounce to produce a selling opportunity.

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

EUR/GBP Technical Analysis: Resistance Sub-0.80 Holds Up

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. EUR/GBP testing lows in 0.7880
    Forex News

    EUR/GBP testing lows in 0.7880

  2. USDOLLAR Breaks October Downtrend, GBP’s GDP Rally Fizzles
    Forex News

    USDOLLAR Breaks October Downtrend, GBP’s GDP Rally Fizzles

  3. EUR/GBP attacking 0.7880 support
    Forex News

    EUR/GBP attacking 0.7880 support

  4. EUR/GBP Continues to Show Weakness
    Investing

    EUR/GBP Continues to Show Weakness

  5. EUR/GBP Technical Analysis: Support Found Below 0.79?
    Forex News

    EUR/GBP Technical Analysis: Support Found Below 0.79?

Trading Center