EUR/GBP Technical Analysis: Upward Push Out of Steam?

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7936, 0.7913, 0.7885
  • Resistance:0.7970, 0.8005, 0.8033

The Euro is struggling to continue higher having attempted to recover against the British Pound as expected after putting in a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.7970, the 23.6% Fibonacci retracement, with a break above that on a daily closing targeting the 38.2% level at 0.8005. Alternatively, a move back below the 50% Fib expansion at 0.7936 clears the way for another challenge of the 61.8% barrier at 0.7913.

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: Upward Push Out of Steam?

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

Related Forex Analysis
  1. Forex News

    EUR/GBP back below 0.7500

  2. Forex News

    EUR/GBP at session highs after UK GDP data

  3. Forex News

    EUR/GBP trades flat ahead of the UK GDP report

  4. Forex News

    EUR/GBP at fresh session highs, UK GDP data in focus

  5. Forex News

    EUR/GBP outlook remains bearish below 0.7714 – ElliottWaveForecast

Trading Center