EUR/GBP looks close to confirming a bull ‘triangle’, which would be completed on a break above the 0.9056/57 level, per Credit Suisse. Commerzbank sets the same target for the pair.
Key quotes of Credit Suisse
“EUR/GBP saw a stronger session yesterday after holding support from its rising 21-day exponential average for a break above near-term price resistance at 0.9025/28, but with strength then capped just shy of the April/May “measured base objective” and May at 0.9056/57.”
“Above 0.9056, which we look for, is needed to confirm a bull ‘triangle’ and resumption of the uptrend from March with resistance then seen next at the 50% retracement of the March/April fall at 0.9086 and eventually at the 61.8% retracement at 0.9184.”
“Near-term support moves to 0.8991, then 0.8970, with 0.8938 now ideally holding to keep the immediate risk higher. Below would warn of further sideways ranging and a retreat back to 0.8909.”
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.