EUR/GBP Closes Tweezers Top - Traders Brace for Selling!

EagleFX Team EagleFX

The single currency Euro gained bullish momentum in the wake of a series of positive economic figures. The services PMI figures from France, German, and Italy are supporting the shared currency Euro.

The Eurozone's Retail Sales data increased by 0.1% in the euro area (EA19) and by 0.2% in the EU28, which is just in line with analysts' forecast. On the other hand, Sterling surged in early October as traders raised expectations that a Brexit agreement would move through Parliament, whereby abolishing Brexit risk from the outlook.

Lately, the EUR/GBP dropped ground despite a stable employment release in Spain. Unemployment change declined by 97.9 thousand; it's the best report since 2012. While the British PMI rose out of the negative area, growing to 50.0. Consequently, the EUR/GBP started gaining bearish momentum.

Technically, the EUR/GBP traded in an oversold zone, but the reversed soon to drive bullish trend above 0.8585 level. The formation of Tweezers Top on the 2-hour chart is suggesting the chance of a bearish reversal.

Support	Pivot Point	Resistance
0.8572	0.8609	0.8633
0.8548		0.8669
0.8488		0.873

The EUR/GBP is now testing the 38.2% Fibonacci retracement level at 0.8610, and the bullish breakout of this level can extend buying until 61.8% Fibonacci retracement level of 0.8625.

EUR/GBP - Trade Setup

Sell Below 0.8625

Take Profit 0.8585

Stop Loss 0.8645

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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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