TradeCityPro | EURGBP : Testing Weekly Range Support

5 dic

👋 Welcome to TradeCity Pro!
In this analysis, I’ll review the EURGBP forex pair, focusing on the daily timeframe.

📅 Daily Timeframe: Downtrend Near Weekly Support
The pair has been in a downward trend accompanied by deep retracements. Currently, it is moving along a descending trendline and has reached the 0.82711 support level.

🔍 The 0.82711 level represents the bottom of a weekly range that has been in place since 2020. At present, the price is oscillating near this crucial support.

✨ If the 40.17 level in RSI is broken, bearish momentum will increase, raising the probability of breaking the 0.82711 support. In such a case, the next support would be at 0.80934.

📈 If the price holds at this zone, the first long trigger is at 0.83901. However, this is considered a risky trigger. Personally, I prefer waiting for a higher low above this level to confirm a trend reversal.

🔼 The next long trigger is a breakout above 0.85129, which is a more reliable signal. The subsequent resistances are at 0.86142 and 0.87442.

🔑In my opinion, the price is likely to move upward from here as it has reached the bottom of a 4-year range, and market momentum is declining. For now, I anticipate the price will find support at this level and may attempt to break the range in the future.

📝 Final Thoughts

This analysis reflects our opinions and is not financial advice.

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