“¢ The cross failed to capitalize on the early uptick to two-week tops and witnessed a sharp intraday reversal of around 85-pips, with bulls now failing to defend 0.8600 handle.
“¢ Slightly overbought conditions on the 1-hourly chart triggered the initial leg of the slide, which accelerated further on a sustained break below 23.6% Fibo. of the 0.8536-0.8676 recent upsurge.
“¢ Technical indicators on the daily chart maintained their bearish bias and have also started losing positive momentum on the 4-hourly chart, suggesting the resumption of the bearish trend.
“¢ The cross has now dropped to confluence support – comprising of 200-hour SMA and 61.8% Fibo. level, which if broken will mark a bearish breakdown and open room for further downside.
EUR/GBP 1-hourly chart
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EUR/GBP
Overview:
Today Last Price: 0.859
Today Daily change: -42 pips
Today Daily change %: -0.49%
Today Daily Open: 0.8632
Trends:
Daily SMA20: 0.8668
Daily SMA50: 0.8773
Daily SMA100: 0.8832
Daily SMA200: 0.8855
Levels:
Previous Daily High: 0.8656
Previous Daily Low: 0.8547
Previous Weekly High: 0.8656
Previous Weekly Low: 0.8536
Previous Monthly High: 0.8842
Previous Monthly Low: 0.8529
Daily Fibonacci 38.2%: 0.8614
Daily Fibonacci 61.8%: 0.8589
Daily Pivot Point S1: 0.8567
Daily Pivot Point S2: 0.8503
Daily Pivot Point S3: 0.8458
Daily Pivot Point R1: 0.8676
Daily Pivot Point R2: 0.872
Daily Pivot Point R3: 0.8785
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