Intraday bias in EUR/GBP is turned neutral with a temporary low formed at 0.8521. Considering diminishing downside momentum as seen in daily MACD, we’d expect strong support from there to bring rebound. On the upside, our first target is 0.8630/50. A break of 4-hour 50 SMA and yesterday's high around 0.8680 will indicate short-term bottoming and bring stronger rebound back to 0.8786/9019 resistance zone first.
In addition, bullish signals have been detected on the 0.8521 major support where the price action of the EUR/GBP has formed a daily “Bullish Engulfing” candlestick pattern coupled with a bullish divergence signal seen in the daily RSI oscillator at its oversold area. These observations suggest that the momentum of the 3-month bearish move has started to wane and price action may see a medium-term bullish reversal at this juncture.
On opposite direction, a clear break of 0.8521 will target 100% projection of 0.9324 to 0.8786 from 0.9019 at 0.8481, which is close to 0.8472 key support (2019 low).
What do you think?
In addition, bullish signals have been detected on the 0.8521 major support where the price action of the EUR/GBP has formed a daily “Bullish Engulfing” candlestick pattern coupled with a bullish divergence signal seen in the daily RSI oscillator at its oversold area. These observations suggest that the momentum of the 3-month bearish move has started to wane and price action may see a medium-term bullish reversal at this juncture.
On opposite direction, a clear break of 0.8521 will target 100% projection of 0.9324 to 0.8786 from 0.9019 at 0.8481, which is close to 0.8472 key support (2019 low).
What do you think?
✅ JOIN FREE TELEGRAM: t.me/trendlinefreetrade
❓ If you got questions: t.me/Semkov
💰 PAID SIGNALS AND ANALYSIS: t.me/Semkov
💡 If you want to know on what basis we make our entries, get in here: t.me/trendlinefreetrade
❓ If you got questions: t.me/Semkov
💰 PAID SIGNALS AND ANALYSIS: t.me/Semkov
💡 If you want to know on what basis we make our entries, get in here: t.me/trendlinefreetrade