EUR/GBP Technical Analysis: Bulls guarding 200-hour EMA/61.8% Fibo. level confluence support ahead of ECB presser

Haresh Menghani FXStreet

• The cross extended this week's retracement slide from over three-month tops and traded with a mild negative bias for the second consecutive session.

• The corrective slide now seemed to show some resilience ahead of 61.8% Fibonacci retracement level of the 0.8890-0.9087 latest leg of an upsurge.

• The mentioned support also coincides with 200-hour EMA and should now act as a key pivot-point/trigger for short-term/intraday traders.

• Technical indicators on the hourly charts have already drifted into negative territory and points to an additional long-unwinding pressure.

• However, bullish oscillators on the daily chart support prospects for some dip-buying interest to emerge at lower levels and thus, help limit downside.

EUR/GBP 1-hourly chart

EUR/GBP

Overview:
    Today Last Price: 0.8982
    Today Daily change: 7.0 pips
    Today Daily change %: 0.0780%
    Today Daily Open: 0.8975
Trends:
    Previous Daily SMA20: 0.8912
    Previous Daily SMA50: 0.8838
    Previous Daily SMA100: 0.889
    Previous Daily SMA200: 0.8841
Levels:
    Previous Daily High: 0.9072
    Previous Daily Low: 0.8968
    Previous Weekly High: 0.897
    Previous Weekly Low: 0.8863
    Previous Monthly High: 0.8932
    Previous Monthly Low: 0.8656
    Previous Daily Fibonacci 38.2%: 0.9008
    Previous Daily Fibonacci 61.8%: 0.9032
    Previous Daily Pivot Point S1: 0.8938
    Previous Daily Pivot Point S2: 0.8902
    Previous Daily Pivot Point S3: 0.8835
    Previous Daily Pivot Point R1: 0.9042
    Previous Daily Pivot Point R2: 0.9109
    Previous Daily Pivot Point R3: 0.9145

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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