“¢ The cross stalled its recent goodish up-move to two-week tops and started correcting from closer to a resistance marked by the top end of a short-term ascending trend-channel.
“¢ Slightly overbought conditions on the 1-hourly chart might have prompted some profit-taking, albeit bullish oscillation on the 4-hourly chart seemed to help limit deeper losses.
“¢ Given that the cross is holding comfortably above 100 & 200-hour SMA, the fact that the intraday slide found some support near 50-hour SMA point to the reemergence of buying interest.
“¢ A sustained move back above the 0.8800 handle will reaffirm the positive bias and assist the cross to build on its recent recovery move from eight-month lows set on January 25th.
EUR/GBP 1-hourly chart
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EUR/GBP
Overview:
Today Last Price: 0.8794
Today Daily change %: -0.17%
Today Daily Open: 0.8809
Trends:
Daily SMA20: 0.8802
Daily SMA50: 0.8906
Daily SMA100: 0.8869
Daily SMA200: 0.8866
Levels:
Previous Daily High: 0.8822
Previous Daily Low: 0.8747
Previous Weekly High: 0.8795
Previous Weekly Low: 0.8636
Previous Monthly High: 0.9119
Previous Monthly Low: 0.8617
Daily Fibonacci 38.2%: 0.8794
Daily Fibonacci 61.8%: 0.8776
Daily Pivot Point S1: 0.8763
Daily Pivot Point S2: 0.8718
Daily Pivot Point S3: 0.8688
Daily Pivot Point R1: 0.8839
Daily Pivot Point R2: 0.8868
Daily Pivot Point R3: 0.8914
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