EUR/GBP Price Analysis: Monthly support trendline keeps sellers in check


  • EUR/GBP pulls back from a three-week high.
  • Bearish MACD, failures to take out 0.8600 keep sellers on alert.
  • The year-start low will be in focus after the trendline breaks.

EUR/GBP drops to 0.8545 ahead of the European session on Thursday. The pair’s repeated failures to break 0.8600 seem to be a test by the upward sloping trend line since December 13.

Hence, sellers will look for entry below the said support line, at 0.8520 now. In doing so, the monthly low near 0.8420 will return to the charts.

If the bears keep dominating after 0.8420, December monthly bottom close to 0.8275 will be on their radars.

On the upside, pair’s successful trading above 0.8600 enables buyers to aim for the late-October top near 0.8680 ahead of targeting the Christmas-day spike around 0.8755/60.

EUR/GBP four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 0.8546
Today Daily Change -13 pips
Today Daily Change % -0.15%
Today daily open 0.8559
 
Trends
Daily SMA20 0.8528
Daily SMA50 0.8519
Daily SMA100 0.8666
Daily SMA200 0.8782
 
Levels
Previous Daily High 0.8579
Previous Daily Low 0.8538
Previous Weekly High 0.8546
Previous Weekly Low 0.8455
Previous Monthly High 0.8756
Previous Monthly Low 0.8276
Daily Fibonacci 38.2% 0.8563
Daily Fibonacci 61.8% 0.8553
Daily Pivot Point S1 0.8538
Daily Pivot Point S2 0.8517
Daily Pivot Point S3 0.8496
Daily Pivot Point R1 0.8579
Daily Pivot Point R2 0.86
Daily Pivot Point R3 0.8621

 

 

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

Editors’ Picks

EUR/USD pressured under 1.11 amid virus fears, ahead of the ECB

EUR/USD is trading below 1.11, under pressure as fears of the coronavirus weigh on markets. The ECB is set to leave rates unchanged and provide views about the current economic environment. 

EUR/USD News

GBP/USD consolidates gains above 1.31 after parliament seals Brexit

GBP/USD is trading above 1.31, consolidating its gains. The House of Lords gave its final seal to Brexit. Speculation ahead of the BOE's decision continues after upbeat data diminished chances for an imminent move.

GBP/USD News

Forex Today: Coronavirus fears spread and weigh on markets, Aussie surges, all eyes on the ECB

Chinese authorities have shut down access links to Wuhan, the large provincial capital where the coronavirus originates from. The news, coming ahead of the Chinese Lunar New Year, is weighing on markets. 

Read more

WTI hits 7-week low, potential bull RSI divergence on 1H

WTI oil fell to $55.68 soon before press time, the lowest level since Dec. 3, having declined by 3.73% on Wednesday. The black gold has found acceptance below $56.60, which is the 61.8% Fibonacci retracement (one of the golden ratio) of the rally from $51.03 to $65.62.

Oil News

USD/JPY drops to fresh eight-day lows near 109.50

USD/JPY extends losses and trades close to an eight-day low near 109.50 in a relatively risk-off environment, with the media headlines full of the coronavirus as it spreads internationally. Bears can look to the golden ratio around mid-108s.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures