To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- EUR/GBP Technical Strategy: Flat
- Support: 0.7873, 0.7834, 0.7772
- Resistance:0.7911, 0.7958, 0.7996
The Euro is pushing downward against the British Pound once again, with prices approaching the late-July swing bottom. A daily close below the July 23 lowat 0.7873exposes the 38.2% Fibonacci expansion at 0.7834. Alternatively, a turn above the 23.6% level at 0.7911 opens the door for a test of the 14.6% Fib at 0.7958.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. With that in mind we will remain flat for now.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
original source
