The Euro is stalling after launching a recovery against the British Pound as expected having produced a bullish Piercing Line candlestick formation. A daily close above resistance at 0.8258, the 23.6% Fibonacci retracement, targets a falling trend line set from late October at 0.8314 and the 38.2% level at 0.8320. Alternatively, a turn back below the 14.6% Fib at 0.8219 exposes the
Risk/reward considerations argue against a trade at current levels as the pair trades wedged in close proximity to relevant up- and downside barriers. We will remain flat for now, looking for a move to trend line resistance to produce a selling opportunity.