EUR/GBP Price Analysis: Break under 0.9000 leaves euro vulnerable to more losses


  • After making a spike to 0.9070 on Monday, EUR/GBP reversed sharply.
  • Set up favors more losses ahead if cross holds under 0.9000.

The EUR/GBP broke below 0.9000 and also under an uptrend line, leaving the euro vulnerable to more losses. So far, it bottomed at 0.8965. and then rebounded. As long as it stays below 0.9000 the bias would favor more losses.

The area around 0.8955 is the immediate support followed by 0.8920. The EUR/GBP set up an imperfect head and shoulders formation that if confirmed, would target 0.8850.

A recovery back above 0.9000 should alleviate the bearish pressure. If EUR/GBP surpasses the 0.9060/70 area, the euro could extend gains for a test of 0.9100.

EUR/GBP 4-hour chart

eurgbp

EUR/GBP

Overview
Today last price 0.8988
Today Daily Change -0.0065
Today Daily Change % -0.72
Today daily open 0.9053
 
Trends
Daily SMA20 0.9014
Daily SMA50 0.8925
Daily SMA100 0.8856
Daily SMA200 0.8706
 
Levels
Previous Daily High 0.9068
Previous Daily Low 0.9011
Previous Weekly High 0.9176
Previous Weekly Low 0.9003
Previous Monthly High 0.9176
Previous Monthly Low 0.8864
Daily Fibonacci 38.2% 0.9046
Daily Fibonacci 61.8% 0.9033
Daily Pivot Point S1 0.9021
Daily Pivot Point S2 0.8988
Daily Pivot Point S3 0.8964
Daily Pivot Point R1 0.9077
Daily Pivot Point R2 0.91
Daily Pivot Point R3 0.9133

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD hits fresh one-month low amid souring market mood

EUR/USD has been extending its falls and dips below 1.21 as US retail sales badly disappointed and the worsening mood is supporting the safe-haven dollar. Markets digest Biden's stimulus plan. US Consumer Sentiment declined to 59.2 points. 

EUR/USD News

GBP/USD retreats toward 1.36 amid fresh dollar strength

GBP/US has pared its gains and falls toward 1.36 as the dollar gains ground. The UK economy shrank by 2.6% in November, better than estimated. The UK is ramping up its vaccination campaign and PM Johnson is pressured to ease the lockdown. 

GBP/USD News

Gold extends sideways grind near $1,850

The XAU/USD pair registered small daily gains on Thursday but struggled to extend its recovery amid a lack of significant fundamental drivers on Friday. As of writing, the pair was up 0.15% on a daily basis at $1,849.

Gold news

Forex Today: Markets “sell the fact” on Biden's stimulus, dollar rises, retail sales eyed

Markets are on the back foot after Biden hinted about tax hikes while introducing stimulus. The safe-haven dollar is edging higher despite Powell's pledge to keep monetary policy accommodative. 

Read more

DXY breaks above key downtrend, eyes move above 91.00

USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD pairs have seen significant weakness, aside from CHF/USD and JPY/USD, given that the two currencies are also considered “safe havens”.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures