-
EUR/GBP Technical Analysis: Treading Water Near 0.71
Talking Points: •EUR/GBP Technical Strategy: Flat •Support: 0.7052, 0.6950, 0.6825 •Resistance: 0.7111, 0.7153, 0.7282 The Euro is treading water after falling against the British Pound as expected having put in a Bearish Engulfing candlestick pattern. A daily close below the 50% Fibonacci expansionat 0.7052 exposes the 61.8% level at 0.6950. Alternatively, a turn above trend line resistance at 0.7111 opens the door for a challenge of the 38.2% Fib at 0.7153. Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to ... (full story)