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EURGBP Technical Analysis

This is a discussion on EURGBP Technical Analysis within the Forex Trading forums, part of the Trading Forum category; The Euro put in a dramatic Shooting Star candlestick following a test of resistance below the 0.91 figure against the ...

          
   
  1. #41
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    EUR/GBP Technical Analysis: Euro Downturn Brewing Ahead?

    The Euro put in a dramatic Shooting Star candlestick following a test of resistance below the 0.91 figure against the British Pound, hinting a turn lower may be ahead. Early signs of negative RSI divergence point to fading upside momentum and bolster the case for a downside scenario.

    From here, a break back below 0.8990 (14.6% Fibonacci expansion, trend line) opens the door for a test of resistance-turned-support at 0.8923. Alternatively, a breach of the 23.6% level at 0.9051 confirmed on a daily closing basis sees the next upside barrier marked by the 38.2% Fib at 0.9150.

    EURGBP Technical Analysis-eurgbp-w1-alpari-international-limited.png


    A Shooting Star candle is a sign of indecision and does not amount to an actionable sell signal without further evidence, even with the support of RSI divergence. With that in mind, current positioning is interesting to monitor but committing to trade appears premature for the time being.

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    EUR/GBP Technical Analysis: Turn Lower Brewing Above 0.91?

    Near-term term resistance is at 0.9150, the 38.2% Fibonacci expansion, a daily close above that opening the door for at challenge of the 50% level at 0.9231. Alternatively, a reversal below rising trend line support at 0.9090 exposes the 23.6% Fib at 0.9051, followed by the 14.6% expansion at 0.8990.

    EURGBP Technical Analysis-eurgbp-d1-alpari-international-limited.png


    Negative RSI divergence is not sufficient by itself to justify taking a short position without further confirmation. It is enough of a warning not to try for the long side however, at least for now. With that in mind, opting for the sidelines seems most prudent until greater clarity emerges.

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    EUR/GBP Technical Analysis: Euro Recovery in the Cards?

    The Euro is digesting losses having fallen to the lowest level in over two months against the British Pound, with positive RSI divergence hinting a rebound may be ahead. The near-term trend continues to be defined by a series of lower highs and lows however, meaning the path of least resistance favors the downside.

    EURGBP Technical Analysis-eurgbp-d1-alpari-international-limited.png


    From here, a daily close below the September 27 low at 0.8746 opens the door for a test of 0.8696, the 38.2% Fibonacci expansion. Alternatively, a push above the 23.6% Fib retracement at 0.8879 sees the next upside barrier at 0.8960, marked by the 38.2% retracement line.

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    EUR/GBP Technical Analysis: Euro Down Trend About to Resume?

    The Euro may be readying to resume the down trend started in late August against the British Pound after a corrective upswing stalled ahead of the 0.90 figure. A pair of bearish candlestick patterns has emerged and negative RSI divergence bolsters the case for a downside scenario.

    EURGBP Technical Analysis-eurgbp-d1-alpari-international-limited.png


    Near-term support is at 0.8891 (14.6% Fibonacci expansion, former trend line resistance), with a daily close below that opening the door for a retest of the September 27 low at 0.8746. Alternatively, a sustained push above the 23.6% Fib at 0.8981 exposes the 38.2% expansion at 0.9126.

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    EUR/GBP Technical Analysis: Down Trend Starting to Resume?

    The Euro broke support guiding it higher against the British Pound through November, hinting the dominant down trend may be resuming. Prices have been locked in a choppy range since late September but a break of rising trend support after a test of the post-Brexit vote high hints the overall bias favors the downside.

    EURGBP Technical Analysis-eurgbp-d1-metaquotes-software-corp.png


    Near-term support is at 0.8796, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis opening the door for a test of the 0.8728-46 area (September 27 low, 50% level). Alternatively, a move back above the November 21 lowat 0.8842 exposes the 23.6% Fib at 0.8879 for a retest.

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    EUR/GBP Technical Analysis: Flat

    EUR/GBP Technical Strategy: Flat

    The Euro has struggled to make lasting headway against the British Pound but overall technical positing continues to point in favor of the upside. A seemingly clear Falling Wedge chart formation carries bullish implications, hinting the uptrend dating back to April 2017 may soon resume.

    EURGBP Technical Analysis-eurgbp-w1-metaquotes-software-corp.png


    Defining resistance comes in at 0.8924 (Wedge top, 23.6% Fibonacci retracement), with daily close above that paving the way for a test of the 50% level at 0.8997. Alternatively, a reversal back below the 0.8795-0.8806 area exposes the 0.8674-87 zone (January 25 low, 38.2% Fib expansion).

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