EUR/GBP Price Analysis: Remains vulnerable near mid-0.8700s, 200-DMA/61.8% Fibo. confluence region


  • EUR/GBP remains depressed near multi-week lows set last Friday.
  • The set-up supports prospects for an extension of the bearish trend.

The EUR/GBP cross remained depressed through the early part of European trading session and remained well within the striking distance of multi-week lows set last Friday.

The said low, around the 0.8740 area, coincides with a confluence region comprising of 61.8% Fibonacci level of 0.8282-0.9500 upsurge and the very important 200-day SMA.

Meanwhile, technical indicators on hourly/daily charts maintained their bearish bias and support prospects for an eventual break through the mentioned confluence support.

The cross might then turn vulnerable and set to resume its recent sharp rejection slide from the key 0.9500 psychological mark, or multi-year tops set on March 19.

Bears could aim towards challenging the 0.8700 round-figure mark before eventually dragging the cross further the next support mid-0.8600s ahead of the 0.8620 region.

On the flip side, any attempted recovery move might continue to confront some fresh supply near the 0.8800 mark and remain capped near the 0.8815-20 horizontal zone.

That said, a sustained strength might prompt some near-term short-covering move and lift the cross back towards 50% Fibo. level, around the 0.8900 round-figure mark.

EUR/GBP daily chart

fxsoriginal

Technical levels to watch

EUR/GBP

Overview
Today last price 0.8757
Today Daily Change -0.0010
Today Daily Change % -0.11
Today daily open 0.8767
 
Trends
Daily SMA20 0.9015
Daily SMA50 0.8704
Daily SMA100 0.8601
Daily SMA200 0.8749
 
Levels
Previous Daily High 0.8836
Previous Daily Low 0.8746
Previous Weekly High 0.8988
Previous Weekly Low 0.8739
Previous Monthly High 0.95
Previous Monthly Low 0.8594
Daily Fibonacci 38.2% 0.878
Daily Fibonacci 61.8% 0.8802
Daily Pivot Point S1 0.873
Daily Pivot Point S2 0.8693
Daily Pivot Point S3 0.864
Daily Pivot Point R1 0.882
Daily Pivot Point R2 0.8873
Daily Pivot Point R3 0.891

 

 

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