EUR/GBP Price Analysis: Bulls defend daily support near 0.8520


  • EUR/GBP manages to trade higher on Friday in the Asian trading session.
  • Cross is not in the mood to give up 0.8520 easily to bears.
  • Momentum oscillators hold onto the oversold zone warrants caution against aggressive bets.

EUR/GBP prints some gains on the last trading day of the week. The pair confides in a narrow trade band with a mildly bullish bias.

At the time of writing, EUR/GBP is trading at 0.8516, down 0.05% for the day.

EUR/GBP daily chart

On the daily chart, the EUR/GBP cross has been consolidating near 0.8520 level with the formation of three Doji Candlesticks, which indicates indecisiveness among the traders.

A sustained move below the intraday low would meet with the first support at the 0.8500 horizontal support level.

A daily close below 0.8500 will open the gates for the April 6 low level placed at 0.8485.

The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. Any downtick in the MACD would prompt bears to retest the low in the vicinity of 0.8470 made on April 5.

Alternatively, if price moves higher, it will shrug off the current downside momentum. In that case, the first upside target emerges at the 0.8530 horizontal resistance level.

The next upside target appears at the 0.8560 horizontal resistance level followed by the high of July 23 at 0.8584.

EUR/GBP additional levels

EUR/GBP

Overview
Today last price 0.8516
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 0.8516
 
Trends
Daily SMA20 0.856
Daily SMA50 0.8581
Daily SMA100 0.8601
Daily SMA200 0.8752
 
Levels
Previous Daily High 0.852
Previous Daily Low 0.85
Previous Weekly High 0.867
Previous Weekly Low 0.8541
Previous Monthly High 0.8646
Previous Monthly Low 0.8531
Daily Fibonacci 38.2% 0.8508
Daily Fibonacci 61.8% 0.8512
Daily Pivot Point S1 0.8504
Daily Pivot Point S2 0.8492
Daily Pivot Point S3 0.8484
Daily Pivot Point R1 0.8524
Daily Pivot Point R2 0.8532
Daily Pivot Point R3 0.8544

 

 

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