#EURGBP @ 0.88474 takes offers to renew intraday low during the first loss-making day in five., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• EUR/GBP takes offers to renew intraday low during the first loss-making day in five.
• Upbeat oscillators challenge the quote’s U-turn from 2.5-month-old resistance line.
• Bears need validation from four-month-old ascending support line.

The pair currently trades last at 0.88474.

The previous day high was 0.886 while the previous day low was 0.8818. The daily 38.2% Fib levels comes at 0.8844, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8834, expected to provide support.

EUR/GBP bears are back in the race during early Monday as the quote drops to 0.8845 amid the initial hours of the European session, after being absent in the last four days.

In doing so, the cross-currency pair retreats from a three-week high while snapping a four-day winning streak.

That said, a downward-sloping resistance line from early February, around 0.8860 by the press time, triggers the latest pullback in the EUR/GBP prices. However, the pair’s downside appears limited as the 50-DMA level of 0.8823 puts a short-term floor under the price.

Following that, a fortnight-long ascending support line near 0.8790 can check the EUR/GBP bears before directing them to the key trend line support stretched from December 19, 2022, around 0.8730 at the latest.

It’s worth noting that the bullish MACD signals and the rising RSI (14) line, not overbought, keep the pair buyers hopeful.

Meanwhile, a clear upside break of the aforementioned resistance line from early February, close to 0.8860 can quickly propel the prices toward the 0.8900 round figure.

In a case where the EUR/GBP bulls keep the reins past 0.8900, the previous monthly high of around 0.8925 holds the key to the pair’s further advances towards the yearly high marked in February near 0.8980.

Should the quote remains firmer past 0.8980, the 0.9000 round figure acts as an extra filter towards the north.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8848 at the time of writing. Pair opened at 0.8856 and is trading with a change of -0.09% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.8794, 50 SMA 0.8825, 100 SMA @ 0.8792 and 200 SMA @ 0.8705.

The previous day high was 0.886 while the previous day low was 0.8818. The daily 38.2% Fib levels comes at 0.8844, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8834, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8829, 0.8803, 0.8788
• Pivot resistance is noted at 0.8871, 0.8887, 0.8913

[/s2If]
Join Our Telegram Group