EUR/GBP Aims Higher
EUR/GBP is eyeing more gains above the 0.8575 resistance zone.
Important Takeaways for EUR/GBP Analysis Today
EUR/GBP started a fresh increase from the 0.8500 zone.
There is a major bullish trend line forming with support near 0.8565 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a fresh increase from the 0.8500 zone. The Euro traded above the 0.8535 level to move into a positive zone against the British Pound.
The EUR/GBP chart suggests that the pair settled above the 50-hour simple moving average and 0.8565. It is now consolidating gains below the 0.8575 resistance zone. The RSI is moving lower and suggesting a minor downside correction.
If there is no move above 0.8575, the pair could correct lower. Immediate support sits at 0.8565 or the 23.6% Fib retracement level of the upward move from the 0.8534 swing low to the 0.8577 high.
The next major support is near the 61.8% Fib retracement level of the upward move from the 0.8534 swing low to the 0.8577 high at 0.8550. A downside break below the 0.8550 support might call for more downsides. In the stated case, the pair could drop toward the 0.8520 support level.
Immediate resistance is near 0.8575. The next major resistance for the bulls is near the 0.8600 handle. A close above the 0.8600 level might accelerate gains.
In the stated case, the bulls may aim for a test of 0.8640. Any more gains might send the pair toward the 0.8680 level in the coming sessions.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Important Takeaways for EUR/GBP Analysis Today
EUR/GBP started a fresh increase from the 0.8500 zone.
There is a major bullish trend line forming with support near 0.8565 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a fresh increase from the 0.8500 zone. The Euro traded above the 0.8535 level to move into a positive zone against the British Pound.
The EUR/GBP chart suggests that the pair settled above the 50-hour simple moving average and 0.8565. It is now consolidating gains below the 0.8575 resistance zone. The RSI is moving lower and suggesting a minor downside correction.
If there is no move above 0.8575, the pair could correct lower. Immediate support sits at 0.8565 or the 23.6% Fib retracement level of the upward move from the 0.8534 swing low to the 0.8577 high.
The next major support is near the 61.8% Fib retracement level of the upward move from the 0.8534 swing low to the 0.8577 high at 0.8550. A downside break below the 0.8550 support might call for more downsides. In the stated case, the pair could drop toward the 0.8520 support level.
Immediate resistance is near 0.8575. The next major resistance for the bulls is near the 0.8600 handle. A close above the 0.8600 level might accelerate gains.
In the stated case, the bulls may aim for a test of 0.8640. Any more gains might send the pair toward the 0.8680 level in the coming sessions.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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