The Euro continues to inch upward against the British Pound but the dominant price trend continues to favor a downside bias for the single currency. The pair has recovered to the highest level in nearly two months but price action remains firmly locked within a falling channel set from October 2017. Major resistance comes in at 0.8904, the confluence of a former chart inflection point as well as the trend channel top. A close above that ...
EUR/GBP Technical Strategy: Flat The Euro has struggled to make lasting headway against the British Pound but overall technical positing continues to point in favor of the upside. A seemingly clear Falling Wedge chart formation carries bullish implications, hinting the uptrend dating back to April 2017 may soon resume. Defining resistance comes in at 0.8924 (Wedge top, 23.6% Fibonacci retracement), with daily close above ...
The Euro recoiled sharply higher after hitting the weakest level in two months against the British Pound but overall positioning still seems to favor the downside. Continued selling from here puts the spotlight on a major double bottom capping losses since early September 2016. Near-term support is in the 0.8334-70 area (double bottom, 50% Fib expansion), with a daily close below that exposing the 61.8% level at 0.8257. Alternatively, a ...
The Euro may be preparing to turn lower against the British Pound as the appearance of a Shooting Star candlestick hints at ebbing upside momentum. A reversal could ultimately lead to the formation of a double top below the 0.88 figure. Near-term supportis in the 0.8582-0.8607 area (trend line, 23.6% Fibonacci expansion), with a break below that on a daily closing basis exposing the 14.6% level at 0.8503. Alternatively, a push above the ...
The Euro accelerated lower against the British Pound, putting in the largest daily loss in six months and exposing the 0.77 figure. Prices established a top with the formation of a Bearish Engulfing candlestick pattern as expected, with subsequent losses hinting the long-term down trend may be resuming. Near-term support is in the 0.7683-0.7703 area, marked by a horizontal pivot and the 38.2% Fibonacci retracement. A break below this barrier ...
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