EUR/GBP Gains Strength
EUR/GBP is rising and might climb above the 0.8615 resistance.
Important Takeaways for EUR/GBP Analysis Today
· EUR/GBP is rising and trading above the 0.8600 zone.
· There was a break above a connecting bearish trend line with resistance near 0.8600 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a steady increase from the 0.8570 zone. The Euro traded above the 0.8580 pivot level to enter a positive zone against the British Pound.
The EUR/GBP chart suggests that the pair settled above the 50-hour simple moving average and 0.8590. There was also a break above a connecting bearish trend line with resistance near 0.8600. A high is formed near 0.8615 and the pair is now consolidating gains.
It tested the 23.6% Fib retracement level of the upward move from the 0.8568 swing low to the 0.8615 high. Immediate support sits near the 50-hour simple moving average at 0.8590.
The 50% Fib retracement level of the upward move from the 0.8568 swing low to the 0.8615 high is also near 0.8590. The next major support is near 0.8580. A downside break below the 0.8580 support might call for more downsides. In the stated case, the pair could drop toward the 0.8560 support level.
Immediate resistance is near 0.8615. The next major resistance could be 0.8645. A close above the 0.8645 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8680. Any more gains might send the pair toward the 0.8720 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.
Important Takeaways for EUR/GBP Analysis Today
· EUR/GBP is rising and trading above the 0.8600 zone.
· There was a break above a connecting bearish trend line with resistance near 0.8600 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a steady increase from the 0.8570 zone. The Euro traded above the 0.8580 pivot level to enter a positive zone against the British Pound.
The EUR/GBP chart suggests that the pair settled above the 50-hour simple moving average and 0.8590. There was also a break above a connecting bearish trend line with resistance near 0.8600. A high is formed near 0.8615 and the pair is now consolidating gains.
It tested the 23.6% Fib retracement level of the upward move from the 0.8568 swing low to the 0.8615 high. Immediate support sits near the 50-hour simple moving average at 0.8590.
The 50% Fib retracement level of the upward move from the 0.8568 swing low to the 0.8615 high is also near 0.8590. The next major support is near 0.8580. A downside break below the 0.8580 support might call for more downsides. In the stated case, the pair could drop toward the 0.8560 support level.
Immediate resistance is near 0.8615. The next major resistance could be 0.8645. A close above the 0.8645 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8680. Any more gains might send the pair toward the 0.8720 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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