Market Analysis: EUR/GBP Eyes Gains
Market Analysis: EUR/GBP Eyes Gains
EUR/GBP is gaining pace and might extend its upward move above the 0.8440 zone.
Important Takeaways for EUR/GBP Analysis Today
- EUR/GBP started a fresh increase above the 0.8420 resistance zone.
- There is a major rising channel forming with support near 0.8425 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a fresh increase from the 0.8400 zone. The Euro traded above the 0.8420 level to move into a positive zone against the British Pound.
The EUR/GBP chart suggests that the pair settled above the 50-hour simple moving average and 0.8440. There was a clear move above the 50% Fib retracement level of the downward move from the 0.8467 swing high to the 0.8399 low.
Immediate resistance is near 0.8440 or the 61.8% Fib retracement level of the downward move from the 0.8467 swing high to the 0.8399 low.
The next major resistance for the bulls is near the 0.8450 zone. A close above the 0.8450 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8465. Any more gains might send the pair toward the 0.8500 level in the coming days.
Immediate support sits near a key rising channel at 0.8425. The next major support is near the 0.8400 zone. A downside break below the 0.8400 support might call for more downsides.
In the stated case, the pair could drop toward the 0.8365 support level. Any more losses might send the pair toward the 0.8340 level in the near term.
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.
EUR/GBP is gaining pace and might extend its upward move above the 0.8440 zone.
Important Takeaways for EUR/GBP Analysis Today
- EUR/GBP started a fresh increase above the 0.8420 resistance zone.
- There is a major rising channel forming with support near 0.8425 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a fresh increase from the 0.8400 zone. The Euro traded above the 0.8420 level to move into a positive zone against the British Pound.
The EUR/GBP chart suggests that the pair settled above the 50-hour simple moving average and 0.8440. There was a clear move above the 50% Fib retracement level of the downward move from the 0.8467 swing high to the 0.8399 low.
Immediate resistance is near 0.8440 or the 61.8% Fib retracement level of the downward move from the 0.8467 swing high to the 0.8399 low.
The next major resistance for the bulls is near the 0.8450 zone. A close above the 0.8450 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8465. Any more gains might send the pair toward the 0.8500 level in the coming days.
Immediate support sits near a key rising channel at 0.8425. The next major support is near the 0.8400 zone. A downside break below the 0.8400 support might call for more downsides.
In the stated case, the pair could drop toward the 0.8365 support level. Any more losses might send the pair toward the 0.8340 level in the near term.
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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