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Chart of the Day: EUR/GBP

Chart of the Day: EUR/GBP

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.

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