“¢ The cross struggled to build on Friday’s goodish rebound from one-week lows and remained capped at an important confluence hurdle, comprising of 50-hour SMA and a short-term descending trend-channel resistance. “¢ Italian budget worries kept exerting some downward pressure on the shared currency and the cross traded with a negative bias for the fifth session in the previous six following an unexpected rebound in the UK manufacturing PMI. “¢ Technical indicators on hourly/daily charts are holding in bearish territory and the fact that the cross remains below important intraday moving averages – 50, 100 & 200-hour SMA support prospects for an extension of the weakening trend. “¢ However, a convincing break through the mentioned confluence barrier, currently near the 0.8900 handle, might negate the technical set-up and prompt some aggressive short-covering move in the near-term. EUR/GBP 1-hourly chart Spot Rate: 0.8890 Daily High: 0.8909 Trend: Bearish below 0.89 mark Resistance R1: 0.8915 (100-period SMA H1) R2: 0.8944 (50-day SMA) R3: 0.8969 (R3 daily pivot-point) Support S1: 0.8872 (100-day SMA) S2: 0.8848 (2-month low set on Sept. 20) S3: 0.8835 (S3 daily pivot-point) FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/SEK still looks south – Danske Bank FX Street 4 years "¢ The cross struggled to build on Friday's goodish rebound from one-week lows and remained capped at an important confluence hurdle, comprising of 50-hour SMA and a short-term descending trend-channel resistance. "¢ Italian budget worries kept exerting some downward pressure on the shared currency and the cross traded with a negative bias for the fifth session in the previous six following an unexpected rebound in the UK manufacturing PMI. "¢ Technical indicators on hourly/daily charts are holding in bearish territory and the fact that the cross remains below important intraday moving averages - 50,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
