Chart of the day: EUR/GBP

Blake Morrow Forex Analytix

The EUR/GBP exploded higher today as we rallied out of a triangle formation the last couple weeks. The daily RSI is not overbought (yet) but we are hitting a confluence of Fibonacci levels. The 61.8% retracement of the March highs to April lows comes in at .9185 and the 161% extension of the triangle comes in at .9173. Today's highs were at .9175 which is telling us how important this resistance is moving forward. Bulls should be cautious, but a daily close above the .9200 level could see above .9300 fairly quickly.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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