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EUR/GBP moves further away from 0.7400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/GBP moved in ranges during most the day between 0.7385 and 0.7365; recently broke it to the downside and reached a fresh daily low at 0.7356.

    Currently, it trades at 0.7360/63, modestly lower for the day, but holding a bearish tone with price testing the 100-hour moving average (0.7358) and moving toward yesterday’s lows that lie at 0.7350.

    On Tuesday, EUR/GBP rose above 0.7400 but failed to hold and weakened. It finished the day unchanged and today is losing ground at a modest pace on the back of a decline of EUR/USD while GBP/USD remains steady.

    EUR/GBP: technical levels


    Price needs to stabilize above 0.7400 in order to gain momentum and extend to the upside; on top the next resistance level might be seen at 0.7440 (Oct 2 high) and 0.7490 (Oct high). On the opposite direction, support levels might lie at 0.7350/55 (Dec 29 & 30 low), 0.7330 (short-term uptrend line) and 0.7275 (20-DMA).
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