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FxWirePro: EUR/GBP rejected at major trendline resistance at 0.8910, slips below 200-DMA

  • EUR/GBP failed to break past major trendline resistance at 0.8910, extends retrace for 2nd consecutive session.
     
  • The pair has slipped below 200-DMA and daily cloud and is currently hovering around 23.6% Fib at 0.8833.
     
  • The pair is trading in a narrow range, with a day's high at 0.8841 and a low at 0.8823.
     
  • The pair is trading in a symmetric triangle pattern and 20-DMA at 0.8808 offers strong support, break below could see extension of weakness.
     
  • RSI has turned south and Stochs are showing retrace from near overbought levels.
     
  • Technical studies still support upside in the pair. Breakout at 0.8910 could negate bearish bias. Scope then for upside till 0.90 levels.

Support levels - 0.8808 (20-DMA), 0.8716 (Feb 1 low), 0.8686 (Jan 25 low)

Resistance levels - 0.8842 (5-DMA), 0.8859 (nearly converged cloud and 200-DMA), 0.89 (trendline)

Recommendation: Watch out for break below 20-DMA for extension of weakness. Target 0.8720/ 0.8690.

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2018-08-22 00:44:42
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August 21 22:45 UTC Released

NZRetail Qrtly Vs Yr Ago

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3.1 %

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3 %

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1.1 %

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0.1 %

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-1541 %

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-1541 %

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January 31 00:00 UTC 292390292390m

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Bln AR bln ARS

January 31 00:00 UTC 292390292390m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

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