The cross holds below broken Fibo support at 0.8754 (38.2% of 0.8617/0.8839), but the downside was so far protected by 20SMA (0.8747) despite negative signal from Friday’s bearish outside day.


Both units were supported by fresh risk appetite while sterling remains resilient after news saying Honda will close UK car plant.

Daily techs remain bearishly aligned, as MA’s are in negative setup and momentum approaches bearish territory.

Daily close below cracked Fibo support at 0.8754, which kept the downside protected in past five days, would generate bearish signal, with break and close below 20SMA, needed to confirm reversal and expose targets at 0.8728 (50%) and 0.8702 (Fibo 61.8% of 0.8617/0.8839 rally).

Broken 10SMA (0.8774) is expected to cap and maintain bearish near-term bias, while acceleration and close above 30SMA (0.8798) would neutralize downside risk.


Res: 0.8754; 0.8774; 0.8798; 0.8827
Sup: 0.8743; 0.8728; 0.8702; 0.8669

EURGBP

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Feed news

Latest Forex Analysis

Editors’ Picks

EUR/USD extends gains to 1.1200 on sliding US yields

EUR/USD is trading close to 1.1200, in the wake of the European session as US yields continue falling. The European Parliament elections are in play and US durable goods are eyed.

EUR/USD News

GBP/USD off the highs as May announces stepping down on June 7th

GBP/USD is trading below 1.2700 after a quick rise to the upside as UK PM Theresa May announced she will step down on June 7th with Boris Johnson set to take over.

GBP/USD News

USD/JPY hangs near 1-week lows, just below mid-109.00s

The USD held on the defensive despite a goodish bounce in the US bond yields. Escalating US-China trade tensions continue to underpin JPY’s safe-haven demand. Traders now look forward to the US durable goods orders for some fresh impetus.

USD/JPY News

US Durable Goods Orders Preview: Sentiment is not enough

Durable goods orders expected to drop sharply after a strong March. Business investment thought to cool following the best quarter in nine months. Goods orders ex-transport have slowed despite strong consumer sentiment readings.

Read more

Gold consolidates in a range below weekly tops set on Thursday

Gold held steady through the early European session on Friday and was seen consolidating the overnight strong up-move to weekly tops.

Gold News

Majors

Cryptocurrencies

Signatures