- 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
Additional important levels
|Today last price||0.8546|
|Today Daily Change||-13 pips|
|Today Daily Change %||-0.15%|
|Today daily open||0.8559|
|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|