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.

Matías Salord FXStreet

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

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

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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