EUR/GBP is now consolidating losses below the 0.8700 resistance.
Important Takeaways for EUR/GBP Analysis Today
· EUR/GBP started a fresh decline from the 0.8710 resistance zone.
· There is a major bearish trend line forming with resistance near 0.8700 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 0.8720 resistance. The Euro traded below the 0.8700 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 0.8700. A low is formed near 0.8667 and the pair is slowly moving higher and the hourly RSI is back above 50. There was a break above the 23.6% Fib retracement level of the downward move from the 0.8734 swing high to the 0.8667 low.
Immediate resistance is near a major bearish trend line at 0.8700. It coincides with the 50% Fib retracement level of the downward move from the 0.8734 swing high to the 0.8667 low.
The next major resistance for the bulls is near the 0.8720 level. A close above the 0.8720 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8740. Any more gains might send the pair toward the 0.8780 level.
If there is no move above 0.8700, the pair could decline again. Immediate support sits at 0.8670. The next major support is near 0.8650.
A downside break below the 0.8650 support might call for more downsides. In the stated case, the pair could drop toward the 0.8600 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 0.8710 resistance zone.
· There is a major bearish trend line forming with resistance near 0.8700 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 0.8720 resistance. The Euro traded below the 0.8700 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 0.8700. A low is formed near 0.8667 and the pair is slowly moving higher and the hourly RSI is back above 50. There was a break above the 23.6% Fib retracement level of the downward move from the 0.8734 swing high to the 0.8667 low.
Immediate resistance is near a major bearish trend line at 0.8700. It coincides with the 50% Fib retracement level of the downward move from the 0.8734 swing high to the 0.8667 low.
The next major resistance for the bulls is near the 0.8720 level. A close above the 0.8720 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8740. Any more gains might send the pair toward the 0.8780 level.
If there is no move above 0.8700, the pair could decline again. Immediate support sits at 0.8670. The next major support is near 0.8650.
A downside break below the 0.8650 support might call for more downsides. In the stated case, the pair could drop toward the 0.8600 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.