EUR/GBP Faces Many Hurdles
EUR/GBP is struggling and facing resistance near the 0.8780 level.
Important Takeaways for EUR/GBP
· EUR/GBP found support near 0.8715 and is currently recovering higher.
· There is a major bearish trend line forming with resistance near 0.8780 on the hourly chart.
EUR/GBP Technical Analysis
The Euro started a steady decline from well above the 0.8850 zone against the British Pound. The EUR/GBP pair declined below the 0.8820 and 0.8800 support levels.
The pair even spiked below the 0.8750 level before the bulls appeared. The pair recovered above 0.8740 and the recent swing low was formed near 0.8745. The pair is now attempting a recovery wave above the 0.8750 level.
EUR/GBP Hourly Chart
There was a move above the 23.6% Fib retracement level of the downward move from the 0.8819 swing high to 0.8745 low. On the upside, an immediate resistance is near the 0.8765 level and the 50 hourly simple moving average.
The next major resistance for the bulls is near the 0.8780 level or the 50% Fib retracement level of the downward move from the 0.8819 swing high to 0.8745 low.
There is also a major bearish trend line forming with resistance near 0.8780 on the hourly chart, above which the pair might test the 0.8815 resistance.
Any more gains might send the pair towards the 0.8850 level. On the downside, an initial support is near the 0.8750 level. The next major support is near 0.8715. A downside break below the 0.8715 support might call for more downsides. In the stated case, the pair could decline towards the 0.8650 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 0.8715 and is currently recovering higher.
· There is a major bearish trend line forming with resistance near 0.8780 on the hourly chart.
EUR/GBP Technical Analysis
The Euro started a steady decline from well above the 0.8850 zone against the British Pound. The EUR/GBP pair declined below the 0.8820 and 0.8800 support levels.
The pair even spiked below the 0.8750 level before the bulls appeared. The pair recovered above 0.8740 and the recent swing low was formed near 0.8745. The pair is now attempting a recovery wave above the 0.8750 level.
EUR/GBP Hourly Chart
There was a move above the 23.6% Fib retracement level of the downward move from the 0.8819 swing high to 0.8745 low. On the upside, an immediate resistance is near the 0.8765 level and the 50 hourly simple moving average.
The next major resistance for the bulls is near the 0.8780 level or the 50% Fib retracement level of the downward move from the 0.8819 swing high to 0.8745 low.
There is also a major bearish trend line forming with resistance near 0.8780 on the hourly chart, above which the pair might test the 0.8815 resistance.
Any more gains might send the pair towards the 0.8850 level. On the downside, an initial support is near the 0.8750 level. The next major support is near 0.8715. A downside break below the 0.8715 support might call for more downsides. In the stated case, the pair could decline towards the 0.8650 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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