0
183
Euro has launched a brisk recovery against the British Pound, rising
to the highest level in a month. Near-term resistance is at 0.7947, the
61.8% Fibonacci retracement, with a break above that on a daily closing
basis exposing the 76.4% level at 0.7985. Alternatively, a turn back
below the 50% Fib at 0.7917 opens the door for a challenge of the 38.2%
retracement at 0.7887.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind we will remain flat for now.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind we will remain flat for now.