Large Triangle Setup in EUR/GBP Currency Pair

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By Jamie Saettele | Published 01/13/2006 | Currency | Unrated

Large Triangle Setup in EUR/GBP Currency Pair

Weekly Chart Analysis: EUR/GBP Large Triangle Setup

EUR/GBP continues to trade within a large triangle
High probability setup points to a possible move below the triangle's lower boundary
Failure analysis points to a move a break above the triangle's upper boundary

Key Levels - Current Price: .6813

Level   Type          Significance
.7106   Resistance 2005 High
.6999   Resistance 78.6 Fib of the .7106-.6608 GBP rally
.6916   Resistance 61.8 Fib of the .7106-.6608 GBP rally
.6857   Resistance Triangle's Upper boundary and 50.0 Fib .7106-.6608 GBP rally
.6798   Support       38.2 Fib of the .7106-.6608 GBP rally
.6750   Support       Triangle's Lower boundary
.6726   Support       23.6 Fib of the .7106-.6608 GBP rally
.6608   Support       2005 Low

Sam Shenker is a Technical Currency Analyst for FXCM.

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