EUR/GBP Show Signs of Weakness
EUR/GBP is declining and trading below the 0.8580 pivot level.
Important Takeaways for EUR/GBP Analysis Today
· EUR/GBP is declining and showing bearish signs below 0.8580.
· There is a major bearish trend line forming with resistance near 0.8560 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair struggled to gain pace for a move above 0.8600. The Euro traded formed a top near 0.8610 and started a fresh decline against the British Pound.
There was a clear move below the 0.8580 pivot level. The EUR/GBP chart suggests that the pair settled below the 50-hour simple moving average and 0.8560. A low is formed near 0.8547 and the pair is now consolidating losses.
Immediate resistance is near a major bearish trend line at 0.8560. It coincides with the 50-hour simple moving average and the 23.6% Fib retracement level of the downward move from the 0.8610 swing high to the 0.8547 low.
The next major resistance could be near the 50% Fib retracement level of the downward move from the 0.8610 swing high to the 0.8547 low at 0.8580.
A close above the 0.8580 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8600. Any more gains might send the pair toward the 0.8650 level.
Immediate support sits near 0.8550. The next major support is near 0.8525. A downside break below the 0.8525 support might call for more downsides. In the stated case, the pair could drop toward the 0.8465 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 is declining and showing bearish signs below 0.8580.
· There is a major bearish trend line forming with resistance near 0.8560 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair struggled to gain pace for a move above 0.8600. The Euro traded formed a top near 0.8610 and started a fresh decline against the British Pound.
There was a clear move below the 0.8580 pivot level. The EUR/GBP chart suggests that the pair settled below the 50-hour simple moving average and 0.8560. A low is formed near 0.8547 and the pair is now consolidating losses.
Immediate resistance is near a major bearish trend line at 0.8560. It coincides with the 50-hour simple moving average and the 23.6% Fib retracement level of the downward move from the 0.8610 swing high to the 0.8547 low.
The next major resistance could be near the 50% Fib retracement level of the downward move from the 0.8610 swing high to the 0.8547 low at 0.8580.
A close above the 0.8580 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8600. Any more gains might send the pair toward the 0.8650 level.
Immediate support sits near 0.8550. The next major support is near 0.8525. A downside break below the 0.8525 support might call for more downsides. In the stated case, the pair could drop toward the 0.8465 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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