View RSS Feed

TechnoMeter

EUR/GBP Technical Analysis: daily correction

Rate this Entry
by , 04-25-2016 at 05:57 PM (1179 Views)
      
   
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.

Name:  eurgbp-d1-alpari-limited.png
Views: 245
Size:  21.0 KB

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...

Submit "EUR/GBP Technical Analysis: daily correction" to Google Submit "EUR/GBP Technical Analysis: daily correction" to del.icio.us Submit "EUR/GBP Technical Analysis: daily correction" to Digg Submit "EUR/GBP Technical Analysis: daily correction" to reddit

Comments