EUR/GBP Faces Hurdle
EUR/GBP declined and now trading below the 0.8595 resistance.
Important Takeaways for EUR/GBP Analysis Today
· EUR/GBP started a fresh decline from the 0.8660 resistance zone.
· There is a major bearish trend line forming with resistance near 0.8595 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a fresh decline from the 0.8660 resistance. The Euro traded below the 0.8620 support to move into a bearish zone against the British Pound.
The EUR/GBP chart suggests that the pair settled below the 50-hour simple moving average and 0.8595. A low is formed near 0.8576 and the pair is now consolidating losses. The RSI is attempting a recovery toward 50.
Immediate resistance is near a major bearish trend line at 0.8595. It coincides with the 23.6% Fib retracement level of the downward move from the 0.8658 swing high to the 0.8576 low.
The next major resistance for the bulls is near the 60% Fib retracement level of the downward move from the 0.8658 swing high to the 0.8576 low at 0.8620. A close above the 0.8620 level might accelerate gains.
In the stated case, the bulls may perhaps aim for a test of 0.8660. Any more gains might send the pair toward the 0.8720 level.
If there is no move above 0.8595, the pair could continue to move down. Immediate support sits at 0.8575. The next major support is near 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 0.8500 support 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 started a fresh decline from the 0.8660 resistance zone.
· There is a major bearish trend line forming with resistance near 0.8595 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a fresh decline from the 0.8660 resistance. The Euro traded below the 0.8620 support to move into a bearish zone against the British Pound.
The EUR/GBP chart suggests that the pair settled below the 50-hour simple moving average and 0.8595. A low is formed near 0.8576 and the pair is now consolidating losses. The RSI is attempting a recovery toward 50.
Immediate resistance is near a major bearish trend line at 0.8595. It coincides with the 23.6% Fib retracement level of the downward move from the 0.8658 swing high to the 0.8576 low.
The next major resistance for the bulls is near the 60% Fib retracement level of the downward move from the 0.8658 swing high to the 0.8576 low at 0.8620. A close above the 0.8620 level might accelerate gains.
In the stated case, the bulls may perhaps aim for a test of 0.8660. Any more gains might send the pair toward the 0.8720 level.
If there is no move above 0.8595, the pair could continue to move down. Immediate support sits at 0.8575. The next major support is near 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 0.8500 support 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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