EUR/GBP Technical Analysis: Breaks 100-hour SMA support, weakens farther below 0.90 mark
|• The cross extended last week's retracement slide from the 0.9060 supply zone and has now drifted to the lower end of a near three-week-old trading range.
• The price action constituted to form a rectangle on the daily chart, usually seen as a continuation pattern but also mark trend significant tops or bottoms.
EUR/GBP daily chart
• A sustained break below the key 0.90 psychological mark or 100-hour SMA was seen as a key trigger for bearish traders and the latest leg of a sudden drop.
• Technical indicators on the 1-hourly chart are already pointing to slightly overbought conditions and thus, warrant some caution before placing fresh bearish bets.
1-hourly chart
• Meanwhile, oscillators on the 4-hourly chart have been gaining bearish traction and also losing positive momentum on the 4-hourly chart, indicating further downside.
• The bearish technical set-up now seems to suggest that any attempted rebound is more likely to be utilized as a selling opportunity near the 0.900 handle.
EUR/GBP
Overview:
Today Last Price: 0.8978
Today Daily change: -32 pips
Today Daily change %: -0.355%
Today Daily Open: 0.901
Trends:
Previous Daily SMA20: 0.8984
Previous Daily SMA50: 0.8891
Previous Daily SMA100: 0.8899
Previous Daily SMA200: 0.885
Levels:
Previous Daily High: 0.9062
Previous Daily Low: 0.9004
Previous Weekly High: 0.9065
Previous Weekly Low: 0.8902
Previous Monthly High: 0.8932
Previous Monthly Low: 0.8656
Previous Daily Fibonacci 38.2%: 0.9026
Previous Daily Fibonacci 61.8%: 0.904
Previous Daily Pivot Point S1: 0.8989
Previous Daily Pivot Point S2: 0.8967
Previous Daily Pivot Point S3: 0.8931
Previous Daily Pivot Point R1: 0.9047
Previous Daily Pivot Point R2: 0.9083
Previous Daily Pivot Point R3: 0.9105
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.