TechnoMeter

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 on a daily closing basis exposes the 50% level at 0.7549. Alternatively, a reversal above the 23.6% Fib at 0.7849 paves the way for a test of the 14.6% retracement at 0.7951.


more...