Search ForexCrunch

   “¢   The cross traded with a mild positive bias for the fourth consecutive session, albeit remained confined within this week’s broader trading range.

   “¢   The cross is now trying to establish a firm base above the 100-hour SMA and technical indicators on the 1-hourly chart have also started gaining positive momentum.

   “¢   Moreover, a rectangular chart pattern formation, just above six-week lows, further indicates that the cross might have already bottomed out in the near-term.  

   “¢   However, it would be prudent to wait for a convincing break out of the mentioned trading range before positioning for the pair’s next leg of directional move.
 

EUR/GBP 1-hourly chart

Spot Rate: 0.8923
Daily Low: 0.8910
Trend: Bullish above 0.8940

Resistance
R1: 0.8937 (R1 daily pivot-point)
R2: 0.8957 (weekly high set on Monday)
R3: 0.8984 (100-period SMA H4)

Support
S1: 0.8900 (round figure mark)
S2: 0.8876 (near six-week low set on Tuesday)
S3: 0.8836 (200-day SMA)
 

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.