EUR/GBP Turns Green
EUR/GBP is rising and might climb above the 0.8720 resistance.
Important Takeaways for EUR/GBP Analysis Today
· EUR/GBP is gaining pace and trading above the 0.8700 zone.
· There is a major contracting triangle forming with resistance near 0.8720 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a decent increase from the 0.8680 zone. The Euro traded above the 0.8700 pivot level to enter a positive zone against the British Pound.
The pair settled above the 50-hour simple moving average and the 50% Fib retracement level of the downward move from the 0.8734 swing high to the 0.8691 low. The EUR/GBP chart suggests that the pair is facing resistance near the 0.8720 zone.
There is also a major contracting triangle forming with resistance near 0.8720. It is close to the 76.4% Fib retracement level of the downward move from the 0.8734 swing high to the 0.8691 low.
A close above the 0.8720 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8750. Any more gains might send the pair toward the 0.8785 level. If not, there might be a downside correction.
Immediate support sits near the 50-hour simple moving average at 0.8710. The next major support is at 0.8700. A downside break below the 0.8700 support might call for more downsides.
In the stated case, the pair could drop toward the 0.8680 support level. Any more losses might call for an extended drop toward the 0.8650 pivot zone.
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 gaining pace and trading above the 0.8700 zone.
· There is a major contracting triangle forming with resistance near 0.8720 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a decent increase from the 0.8680 zone. The Euro traded above the 0.8700 pivot level to enter a positive zone against the British Pound.
The pair settled above the 50-hour simple moving average and the 50% Fib retracement level of the downward move from the 0.8734 swing high to the 0.8691 low. The EUR/GBP chart suggests that the pair is facing resistance near the 0.8720 zone.
There is also a major contracting triangle forming with resistance near 0.8720. It is close to the 76.4% Fib retracement level of the downward move from the 0.8734 swing high to the 0.8691 low.
A close above the 0.8720 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8750. Any more gains might send the pair toward the 0.8785 level. If not, there might be a downside correction.
Immediate support sits near the 50-hour simple moving average at 0.8710. The next major support is at 0.8700. A downside break below the 0.8700 support might call for more downsides.
In the stated case, the pair could drop toward the 0.8680 support level. Any more losses might call for an extended drop toward the 0.8650 pivot zone.
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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