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EURGBP trades flat on the Christmas holiday mood. Intraday bias remains bullish as long as support 0.8220 holds. It hit a low of 0.82894 at the time of writing and is currently trading around 0.82958.
Technical Analysis
The pair is currently trading above the 34- and 55-EMA on the 4-hour chart.
- Bearish Trend Confirmation: If the price stays below 0.8260, it will confirm an intraday bearish trend. A drop to 0.8220/0.8190 is likely.
- Near-Term Resistance: Current resistance is around 0.8325. If it breaks above, we could see movement toward 0.8340/0.8360/0.8380/0.845/0.8500. The bearish outlook would be invalidated only if the price goes above 0.8500.
Indicator Analysis (4-hour chart)
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Trading Recommendation
It may be wise to buy on dips around 0.8280, with a stop loss set at 0.8220 and a target price of 0.8435.
