EUR/GBP Struggles
EUR/GBP declined and now trading below the 0.8565 resistance.
Important Takeaways for EUR/GBP Analysis Today
· EUR/GBP started a fresh decline from the 0.8590 resistance zone.
· There is a major bearish trend line forming with resistance near 0.8540 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 0.8590 resistance. The Euro traded below the 0.8565 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 0.8540. A low is formed near 0.8522 and the pair is now showing a few bearish signs. The RSI is moving lower toward the 35 level.
Immediate resistance is near a major bearish trend line at 0.8540. It coincides with the 23.6% Fib retracement level of the downward move from the 0.8591 swing high to the 0.8522 low.
The next major resistance for the bulls is near the 61.8% Fib retracement level of the downward move from the 0.8591 swing high to the 0.8522 low at 0.8565. A close above the 0.8565 level might accelerate gains.
In the stated case, the bulls may perhaps aim for a test of 0.8590. Any more gains might send the pair toward the 0.8650 level.
If there is no move above 0.8540, the pair could continue to move down. Immediate support sits at 0.8520. The next major support is near 0.8500.
A downside break below the 0.8500 support might call for more downsides. In the stated case, the pair could drop toward the 0.8440 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 0.8590 resistance zone.
· There is a major bearish trend line forming with resistance near 0.8540 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 0.8590 resistance. The Euro traded below the 0.8565 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 0.8540. A low is formed near 0.8522 and the pair is now showing a few bearish signs. The RSI is moving lower toward the 35 level.
Immediate resistance is near a major bearish trend line at 0.8540. It coincides with the 23.6% Fib retracement level of the downward move from the 0.8591 swing high to the 0.8522 low.
The next major resistance for the bulls is near the 61.8% Fib retracement level of the downward move from the 0.8591 swing high to the 0.8522 low at 0.8565. A close above the 0.8565 level might accelerate gains.
In the stated case, the bulls may perhaps aim for a test of 0.8590. Any more gains might send the pair toward the 0.8650 level.
If there is no move above 0.8540, the pair could continue to move down. Immediate support sits at 0.8520. The next major support is near 0.8500.
A downside break below the 0.8500 support might call for more downsides. In the stated case, the pair could drop toward the 0.8440 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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