You are here: Home > articles > Forex > Technical Analysis – EURGBP finds wall near 20-SMA; retains neutral mode
Technical Analysis – EURGBP finds wall near 20-SMA; retains neutral mode
February 25, 2020 9:26 amVideo
Latest News
- Forex forecast 05/06/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga May 6, 2024
- Hot forecast for EUR/USD on May 6, 2024 May 6, 2024
- Trading plan for GBP/USD on May 6. Simple tips for beginners May 6, 2024
- Trading plan for EUR/USD on May 6. Simple tips for beginners May 6, 2024
- Technical Analysis of Intraday Price Movement of CAD/JPY Cross Currency Pairs , Monday May 06 2024.ei 2024. May 6, 2024
- Technical Analysis of Intraday Price Movement of USD/IDR Exotic Currency Pairs , Monday May 06, 2024. May 6, 2024
- Forecast for EUR/USD on May 6, 2024 May 6, 2024
- Forecast for GBP/USD on May 6, 2024 May 6, 2024
- Forecast for AUD/USD on May 6, 2024 May 6, 2024
- Trading Signals for EUR/USD for May 3-5, 2024: sell below 1.0803 (overbought – 5/8 Murray) May 3, 2024
- Trading Signals for GOLD for May 3-5, 2024: sell below $2,320 or below $2,300 (21 SMA – 200 EMA) May 3, 2024
- Technical Analysis – GBPUSD advances above descending trendline May 3, 2024
- USD experiences day X May 3, 2024
- Bitcoin licks wounds as Fed comes on the rescue – Crypto News May 3, 2024
- GBP/USD: trading plan for the US session on May 3rd (analysis of morning deals). The pound is preparing to get out of the May 3, 2024
- EUR and GBP may drop May 3, 2024
- EUR/USD: trading plan for the US session on May 3rd (analysis of morning deals). US data will be the key moment of the week May 3, 2024
- USD/JPY: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- GBP/USD: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- Video market update for May 03, 2024 May 3, 2024
EURGBP is consolidating within a trading range over the last two months with an upper boundary at the 0.8590 resistance and the lower boundary at the 0.8275 support level. Currently, the pair is capped by the 20-day simple moving average (SMA) and the blue Kijun-sen line.
The technical indicators are moving with weak momentum within the bearish territory; the MACD has risen marginally above its trigger line, while the RSI is still flattening slightly below 50 area.
If the price retreats, it could find support at the two-and-a-half-year low of 0.8275 and any violation of this barrier would shift the neutral mode to strongly negative, flirting with the 0.8115 support, taken from the inside swing peak of April 2016.
In the alternative scenario, a run above the 20- and 40-day SMAs and the Ichimoku cloud could drive the price towards the 0.8500 psychological mark. More upside pressure could challenge the 23.6% Fibonacci retracement level of the down leg from 0.9324 to 0.8275 at 0.8520, which coincides with the 100-day SMA. Jumping higher, the upper boundary of the range of 0.8590 could be the next target.
In short, EURGBP is bearish in the long-term timeframe and neutral in the short-term.
Related Posts: