Breaking News :

EUR/GBP Price Analysis: Refreshes weekly top above 0.8600 on cup-and-handle breakout

EUR/GBP pierces the 0.8600 threshold, presently up 0.25% intraday, in the course of the pre-European session buying and selling on Tuesday. In doing so, the pair overcomes the multi-month low marked in the past in the month whilst confirming the bullish cup-and-handle breakout on the hourly (1H) chart.

Not solely the bullish chart formation however upbeat MACD and a clear damage of 200-HMA additionally advise the quote’s in addition upside toward a two-week-old horizontal resistance around 0.8620.

Though, the EUR/GBP bulls will locate a couple of upside limitations round the mid-0.8600s all through the prolonged rise.

Meanwhile, retailers are probable to chorus from getting into until witnessing a clear draw back destroy beneath 0.8595, comprising an eight-day-long horizontal area. Also appearing as a draw back filter is the 200-HMA stage of 0.8586.

In a case the place EUR/GBP drops beneath 0.8586, odds of its every other drop to the lowest when you consider that February 2020, round 0.8540, can’t be dominated out.

admin

Read Previous

Silver Price Analysis: XAG/USD sticks to modest gains near $26.00 mark, bearish bias remains

Read Next

NZD/USD struggles for direction, stuck in a range around 0.7200 mark

Leave a Reply

Your email address will not be published. Required fields are marked *