EUR/GBP: Support at 0.8888/78 ideally holds with resistance seen at 0.9057 – Credit Suisse
|EUR/GBP has held key support at 0.8875 as expected to maintain its base and economists at Credit Suisse stay biased higher with the “measured base objective” at 0.9057.
See: EUR/GBP set to move above 0.90 – Danske Bank
Key quotes
“We look for a clear break above a cluster of key resistances at 0.8976/94 (including the 38.2% retracement of the March/April fall and ‘neckline’ to the March top) with the ‘measured base objective’ then at 0.9057. Although a pullback from here should be allowed for, we look for a break in due course with resistance next at the 50% retracement of the fall from March at 0.9086 and eventually the 61.8% retracement at 0.9184.”
“Support moves to 0.8931 initially, then the 13-day average at 0.8916. Beneath 0.8888/78 is now needed to warn of a potentially more important topside failure with support then seen next at 0.8826 ahead of the uptrend from March at 0.8821.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.