20-22 Wenlock Road, London, England, N1 7GU

EUR/GBP Price Analysis: Jumps to fresh 2-month tops, further beyond 0.90 mark

EUR/GBP Price Analysis: Jumps to fresh 2-month tops, further beyond 0.90 mark

  • EUR/GBP scaled higher for the third straight day and broke through the 0.9000 hurdle.
  • The set-up still favours bulls and supports prospects for a move towards 0.9100 mark.

The EUR/GBP cross gained some positive traction for the third consecutive session on Friday and broke out of the previous day's trading range. The momentum lifted the cross to fresh two-month tops, further beyond the key 0.9000 psychological mark.

The mentioned level coincided with a resistance marked by 38.2% Fibonacci level of the 0.9500-0.8671 downfall. A convincing breakthrough might have already set the stage for an extension of the recent recovery move from the 0.8670 strong horizontal support.
 

Meanwhile, technical indicators on the daily chart maintained their bullish bias and are still far from being in the overbought territory. This reinforces the constructive outlook and supports prospects for a further near-term appreciating move.

The cross might now aim to test an intermediate resistance near the 0.9060-65 region before extending the momentum further towards the 50% Fibo. level, around the 0.9100 round-figure mark.

On the flip side, the 0.9000 mark (38.2% Fibo. level) now seems to protect the immediate downside. Any subsequent fall might still be seen as a buying opportunity and should help limit the downside near the 0.8955 horizontal support.

EUR/GBP daily chart

fxsoriginal

Technical levels to watch

EUR/GBP

OVERVIEW
Today last price 0.9022
Today Daily Change 0.0031
Today Daily Change % 0.34
Today daily open 0.8991
 
TRENDS
Daily SMA20 0.8864
Daily SMA50 0.885
Daily SMA100 0.8712
Daily SMA200 0.8699
 
LEVELS
Previous Daily High 0.8994
Previous Daily Low 0.8963
Previous Weekly High 0.9
Previous Weekly Low 0.8894
Previous Monthly High 0.8911
Previous Monthly Low 0.8671
Daily Fibonacci 38.2% 0.8982
Daily Fibonacci 61.8% 0.8975
Daily Pivot Point S1 0.8972
Daily Pivot Point S2 0.8952
Daily Pivot Point S3 0.8941
Daily Pivot Point R1 0.9003
Daily Pivot Point R2 0.9014
Daily Pivot Point R3 0.9033

 

Recent Articles

© Copyright 2015-2020 FOWBusiness.com