Talking Points: EUR/GBP Technical Strategy: Flat Support: 0.8255 (14.6% Fib exp.), 0.8167-87 ( Jan 22 , 31 swing lows) Resistance: 0.8291-0.8309 (23.6% Fib ret., minor trend line.), 0.8364 (major trend line) The Euro is struggling to extend gain versus the British Pound near the 0.83 figure. Resistance is in the 0.8291-0.8309 area, marked by a falling trend line set from December and the 23.6% Fibonacci retracement, exposes. A daily close above this barrier exposes a longer-term trend line set from August, now at 0.8364. Alternatively, a turn below support at 0.8255, the 14.6% Fib expansion, targets recent swing lows in the 0.8167-87 area. Risk/reward considerations argue against entering a position at current levels with prices wedged between relevant up- and down-side barriers. Tactically, an actionable trade trigger is also absent. We will continue to monitor price activity from the sidelines for now.
Most Popular Stories
- Major Phone Makers Sign Anti-Phone-Theft Pledge
- India Recognizes Transgender People as 'Third Gender'
- 'Beige Book' Federal Reserve Survey, April 2014: Full Text
- Brands Get Caught in Bitter-Tweet Traps
- Michael Bloomberg Takes Aim at the NRA
- U.S. Job Market Still Needs Fed Stimulus: Yellen
- Yellen Remarks, Market Data Give Stocks a Boost
- Dems in Energy States Back Away From Obama
- Man Arrested After Driving Stolen Car to Court Hearing
- Depp, Pfister Are Tech Philosophers