EUR/GBP Price Analysis: Downside contained above 0.9000 support area


  • EUR/GBP downtrend has been contained above 0.9000.
  • The euro is moving within a descending triangle against the pound.

The support area at 0.9000 has withstood another attack today, with the euro on the back foot after the European Central Bank suggested new stimulus measures in December. The pair found buyers at 0.9005 although the ensuing bullish attempt has been capped below 0.9060.

EUR/GBP moving within a triangle pattern

From a technical perspective, the downward trending channel from the 0.9300 top on mid-September is turning into a triangle pattern, with its base at the 0.9000 support area and with trendline resistance, now around 0.9100.

On the downside, confirmation below 0.9000 (October 14 low) would open the doors towards 0,8911 (61,8% Fibonacci retracement of the May – September rally) before testing September lows at 0.8865.

On the upside, an upside reaction should extend beyond the 0.9100 descending trendline resistance to negate the bearish trend, aiming then towards above 0.9145 (October 20 high) and 0.9220 (September 23 high).

EURGBP daily chart

EURGBP daily chart

Technical levels to watch

EUR/GBP

Overview
Today last price 0.9027
Today Daily Change -0.0020
Today Daily Change % -0.22
Today daily open 0.9047
 
Trends
Daily SMA20 0.9072
Daily SMA50 0.9068
Daily SMA100 0.9051
Daily SMA200 0.89
 
Levels
Previous Daily High 0.9076
Previous Daily Low 0.9015
Previous Weekly High 0.9148
Previous Weekly Low 0.9011
Previous Monthly High 0.9292
Previous Monthly Low 0.8866
Daily Fibonacci 38.2% 0.9053
Daily Fibonacci 61.8% 0.9038
Daily Pivot Point S1 0.9016
Daily Pivot Point S2 0.8985
Daily Pivot Point S3 0.8955
Daily Pivot Point R1 0.9077
Daily Pivot Point R2 0.9107
Daily Pivot Point R3 0.9138

 

 

 

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