EurGbp SmC Setup
follo the levels EUR/GBP bears are back in the race during early Monday as the quote drops to 0.8845 amid the initial hours of the European session, after being absent in the last four days.
In doing so, the cross-currency pair retreats from a three-week high while snapping a four-day winning streak.
That said, a downward-sloping resistance line from early February, around 0.8860 by the press time, triggers the latest pullback in the EUR/GBP prices. However, the pair’s downside appears limited as the 50-DMA level of 0.8823 puts a short-term floor under the price.
Following that, a fortnight-long ascending support line near 0.8790 can check the EUR/GBP bears before directing them to the key trend line support stretched from December 19, 2022, around 0.8730 at the latest.
In doing so, the cross-currency pair retreats from a three-week high while snapping a four-day winning streak.
That said, a downward-sloping resistance line from early February, around 0.8860 by the press time, triggers the latest pullback in the EUR/GBP prices. However, the pair’s downside appears limited as the 50-DMA level of 0.8823 puts a short-term floor under the price.
Following that, a fortnight-long ascending support line near 0.8790 can check the EUR/GBP bears before directing them to the key trend line support stretched from December 19, 2022, around 0.8730 at the latest.
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