- EUR/GBP confirmed a bull Doji reversal higher on Thursday.
- The pair is better bid near 0.87 at press time.
The path of least resistance for EUR/GBP is on the higher, according to technical studies.
The pair jumped 0.87% on Thursday, marking a positive follow-through to the bear fatigue signaled by Wednesday's long-tailed Doji candle. In other words, Thursday's gain confirmed a bullish Doji reversal pattern.
The reversal higher signaled by the candlestick pattern is backed by a breakout on the widely-tracked 14-day Relative Strength Index, a momentum indicator.
The RSI has breached a 2-1/2-month descending trendline, implying an end of the bearish trend from December highs above 0.92.
The pair could challenge resistance at 0.8866 (Sept. 3 low) next week. A close under 0.8539 (Wednesday's low) would invalidate the bullish bias.
|Today last price||0.8694|
|Today Daily Change||0.0010|
|Today Daily Change %||0.12|
|Today daily open||0.8684|
|Previous Daily High||0.8697|
|Previous Daily Low||0.8597|
|Previous Weekly High||0.8751|
|Previous Weekly Low||0.864|
|Previous Monthly High||0.9085|
|Previous Monthly Low||0.8812|
|Daily Fibonacci 38.2%||0.8659|
|Daily Fibonacci 61.8%||0.8635|
|Daily Pivot Point S1||0.8621|
|Daily Pivot Point S2||0.8559|
|Daily Pivot Point S3||0.8521|
|Daily Pivot Point R1||0.8722|
|Daily Pivot Point R2||0.876|
|Daily Pivot Point R3||0.8822|
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