EUR/GBP Gains Momentum
EUR/GBP is rising and trading above the 0.8920 support zone.
Important Takeaways for EUR/GBP
· EUR/GBP started a steady increase above the 0.8900 and 0.8920 levels.
· There is a major bullish trend line forming with support near 0.8945 on the hourly chart.
EUR/GBP Technical Analysis
The Euro started a steady fresh increase from the 0.8750 support zone against the British Pound. The EUR/GBP pair climbed above the 0.8820 zone to move into a bullish zone.
The pair even traded above the 0.8920 level and the 50 hourly simple moving average. Finally, there was a move above the 0.8950 level. The pair traded as high as 0.8978 and is currently correcting gains. There was a minor decline below the 0.8965 level.
EUR/GBP Hourly Chart
The pair declined below the 23.6% Fib retracement level of the upward move from the 0.8877 swing low to 0.8978 high. The pair is now consolidating near the 0.8950 level.
On the downside, an initial support is near the 0.8945 level. There is also a major bullish trend line forming with support near 0.8945 on the hourly chart. The next major support is near 0.8925 or the 50 hourly simple moving average.
The 50% Fib retracement level of the upward move from the 0.8877 swing low to 0.8978 high is also near the 0.8925 zone. A downside break below the 0.8925 support might call for more downsides. In the stated case, the pair could decline towards the 0.8850 support level in the near term.
On the upside, an immediate resistance is near the 0.8975 level. The next major resistance for the bulls is near the 0.9000 level, above which the pair might test the 0.9040 resistance. Any more gains might send the pair towards the 0.9085 level.
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 started a steady increase above the 0.8900 and 0.8920 levels.
· There is a major bullish trend line forming with support near 0.8945 on the hourly chart.
EUR/GBP Technical Analysis
The Euro started a steady fresh increase from the 0.8750 support zone against the British Pound. The EUR/GBP pair climbed above the 0.8820 zone to move into a bullish zone.
The pair even traded above the 0.8920 level and the 50 hourly simple moving average. Finally, there was a move above the 0.8950 level. The pair traded as high as 0.8978 and is currently correcting gains. There was a minor decline below the 0.8965 level.
EUR/GBP Hourly Chart
The pair declined below the 23.6% Fib retracement level of the upward move from the 0.8877 swing low to 0.8978 high. The pair is now consolidating near the 0.8950 level.
On the downside, an initial support is near the 0.8945 level. There is also a major bullish trend line forming with support near 0.8945 on the hourly chart. The next major support is near 0.8925 or the 50 hourly simple moving average.
The 50% Fib retracement level of the upward move from the 0.8877 swing low to 0.8978 high is also near the 0.8925 zone. A downside break below the 0.8925 support might call for more downsides. In the stated case, the pair could decline towards the 0.8850 support level in the near term.
On the upside, an immediate resistance is near the 0.8975 level. The next major resistance for the bulls is near the 0.9000 level, above which the pair might test the 0.9040 resistance. Any more gains might send the pair towards the 0.9085 level.
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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