EUR/GBP Attempts Recovery
EUR/GBP is rising and trading above the 0.8920 support zone.
Important Takeaways for EUR/GBP
· EUR/GBP found support near 0.8780 and is currently recovering higher.
· There is a key bullish trend line forming with support near 0.8805 on the hourly chart.
EUR/GBP Technical Analysis
The Euro started a steady decline from well above the 0.8900 zone against the British Pound. The EUR/GBP pair declined below the 0.8860 and 0.8850 support levels.
A low is formed near 0.8783 and the pair is now correcting losses. It climbed above the 0.8800 resistance zone. There was a move above the 23.6% Fib retracement level of the downward move from the 0.8928 swing high to 0.8783 low.
EUR/GBP Hourly Chart
It is now trading above the 0.8815 level and the 50 hourly simple moving average. There is also a key bullish trend line forming with support near 0.8805 on the hourly chart.
On the upside, an immediate resistance is near the 0.8840 level. The next major resistance for the bulls is near the 0.8855 level or the 50% Fib retracement level of the downward move from the 0.8928 swing high to 0.8783 low, above which the pair might test the 0.8875 resistance.
Any more gains might send the pair towards the 0.8920 level. On the downside, an initial support is near the 0.8815 level or the 50 hourly simple moving average. The next major support is near 0.8800 and the trend line.
A downside break below the 0.8800 support might call for more downsides. In the stated case, the pair could decline towards the 0.8750 support level in the near term.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for EUR/GBP
· EUR/GBP found support near 0.8780 and is currently recovering higher.
· There is a key bullish trend line forming with support near 0.8805 on the hourly chart.
EUR/GBP Technical Analysis
The Euro started a steady decline from well above the 0.8900 zone against the British Pound. The EUR/GBP pair declined below the 0.8860 and 0.8850 support levels.
A low is formed near 0.8783 and the pair is now correcting losses. It climbed above the 0.8800 resistance zone. There was a move above the 23.6% Fib retracement level of the downward move from the 0.8928 swing high to 0.8783 low.
EUR/GBP Hourly Chart
It is now trading above the 0.8815 level and the 50 hourly simple moving average. There is also a key bullish trend line forming with support near 0.8805 on the hourly chart.
On the upside, an immediate resistance is near the 0.8840 level. The next major resistance for the bulls is near the 0.8855 level or the 50% Fib retracement level of the downward move from the 0.8928 swing high to 0.8783 low, above which the pair might test the 0.8875 resistance.
Any more gains might send the pair towards the 0.8920 level. On the downside, an initial support is near the 0.8815 level or the 50 hourly simple moving average. The next major support is near 0.8800 and the trend line.
A downside break below the 0.8800 support might call for more downsides. In the stated case, the pair could decline towards the 0.8750 support level in the near term.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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