Market Analysis: EUR/GBP Gains Strength
Market Analysis: EUR/GBP Gains Strength
EUR/GBP is rising and might climb above the 0.8620 resistance.
Important Takeaways for EUR/GBP Analysis Today
- EUR/GBP is gaining pace and trading above the 0.8500 zone.
- There is a short-term contracting triangle forming with support near 0.8570 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a decent increase from the 0.8415 zone. The Euro traded above the 0.8465 resistance level to enter a positive zone against the British Pound.
The pair settled above the 50-hour simple moving average and 0.8515. The pair traded as high as 0.8618 before there was a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the 0.8416 swing low to the 0.8618 high.
However, the pair is stable above 0.8550. There is also a short-term contracting triangle forming with support near 0.8570.
The next major support is near the 50% Fib retracement level of the upward move from the 0.8416 swing low to the 0.8618 high at 0.8515. A downside break below the 0.8515 support might call for more downsides. In the stated case, the pair could drop toward the 0.8465 support level. Any more losses might call for an extended drop toward the 0.8415 pivot zone.
The EUR/GBP chart suggests that the pair is facing resistance near the 0.8620 zone. A close above the 0.8620 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8650. Any more gains might send the pair toward the 0.8685 level.
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.
EUR/GBP is rising and might climb above the 0.8620 resistance.
Important Takeaways for EUR/GBP Analysis Today
- EUR/GBP is gaining pace and trading above the 0.8500 zone.
- There is a short-term contracting triangle forming with support near 0.8570 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a decent increase from the 0.8415 zone. The Euro traded above the 0.8465 resistance level to enter a positive zone against the British Pound.
The pair settled above the 50-hour simple moving average and 0.8515. The pair traded as high as 0.8618 before there was a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the 0.8416 swing low to the 0.8618 high.
However, the pair is stable above 0.8550. There is also a short-term contracting triangle forming with support near 0.8570.
The next major support is near the 50% Fib retracement level of the upward move from the 0.8416 swing low to the 0.8618 high at 0.8515. A downside break below the 0.8515 support might call for more downsides. In the stated case, the pair could drop toward the 0.8465 support level. Any more losses might call for an extended drop toward the 0.8415 pivot zone.
The EUR/GBP chart suggests that the pair is facing resistance near the 0.8620 zone. A close above the 0.8620 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8650. Any more gains might send the pair toward the 0.8685 level.
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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