EUR/GBP Price Analysis: 0.9120 probes bounce off 61.8% Fibonacci retracement


  • EUR/GBP keeps late-Monday pullback from a three-week low.
  • A confluence of 100-bar EMA, falling trend line from Wednesday question recovery moves.
  • Sellers eye August-end tops below the key Fibonacci retracement level.

EUR/GBP trims early-Asian losses while picking up the bids near 0.9080/85 during the pre-European trading on Tuesday. The cross took a U-turn from 61.8% Fibonacci retracement of the September 03-11 upside the previous day.

Though, bearish MACD and nearness to the key 0.9120 resistance joint, including a falling trend line from September 23 and 100-bar EMA, can continue challenging the bulls.

In a case where the buyers manage to cross the 0.9120 upside barrier, another downward sloping trend line, from September 11, at 0.9180 now, will be in the spotlight.

Alternatively, EUR/GBP bears are less likely to take entries unless witnessing a clear downside break of the 61.8% Fibonacci retracement level, around 0.9030.

In doing so, the 0.9000 psychological magnet may offer an intermediate halt during the fall to the August 31 high of 0.8966 and then to the monthly bottom surrounding 0.8865.

EUR/GBP four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price 0.9083
Today Daily Change -5 pips
Today Daily Change % -0.06%
Today daily open 0.9088
 
Trends
Daily SMA20 0.9099
Daily SMA50 0.9055
Daily SMA100 0.9019
Daily SMA200 0.8839
 
Levels
Previous Daily High 0.9124
Previous Daily Low 0.9025
Previous Weekly High 0.922
Previous Weekly Low 0.9113
Previous Monthly High 0.907
Previous Monthly Low 0.8909
Daily Fibonacci 38.2% 0.9063
Daily Fibonacci 61.8% 0.9086
Daily Pivot Point S1 0.9034
Daily Pivot Point S2 0.8981
Daily Pivot Point S3 0.8936
Daily Pivot Point R1 0.9133
Daily Pivot Point R2 0.9177
Daily Pivot Point R3 0.9231

 

 

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