EUR/GBP Price Analysis: 100-hour EMA tests recovery moves above 0.8900
- EUR/GBP pokes intraday high, extends previous day’s recovery moves off 0.8874.
- Bullish MACD suggests further upside momentum, a confluence of 200-hour EMA, one-week-old resistance line will be the key.
EUR/GBP battles short-term resistance as buyers attack the intraday high of 0.8915 during the pre-European session on Wednesday.
Although bullish MACD suggests the pair’s successful break above the immediate hurdle of 100-hour EMA, a joint of 200-hour EMA and a falling trend line from November 16, currently around 0.8932/33, will be a tough nut to crack for the EUR/GBP bulls.
If at all the quote manages to stay positive beyond 0.8933, it’s run-up towards the 0.9000 psychological magnet can’t be ruled out.
Meanwhile, lows marked twice during the week near 0.8875 offer nearby important support to watch as a downside break of which can probe the monthly low of 0.8861.
Also, the EUR/GBP sellers’ dominance past-0.8861 will make the pair vulnerable to revisit the early May month’s high near 0.8815.
EUR/GBP hourly chart
Trend: Further recovery expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
