EUR/GBP Hovers Above Level 0.8740, Resumes Upward Move

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RESULTS

Key Resistance Levels: 0.9200, 0.9400, 0.9600
Key Support Levels: 0.8800, 0.8600, 0.8400

EUR/GBP Price Long-term Trend: Bearish
Today, the EUR/GBP has plunged to a low of level 0.8768. The pair has been trading marginally. The price fell to the support above level 0.8746 and it is holding. The pair will continue its downward move if the support is breached.

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping downward. The pair has fallen to level 33 of the Relative Strength Index period 14. The pound is below the centerline 50. The price is also approaching the oversold region.

EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, the EUR/GBP is in a downward move. On February 4 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The price retracement indicates that the pair will fall and reverse at level 2.0 Fibonacci extensions or level 0.8634.

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping downward. The pair is above the 40% range of the daily stochastic. The market is now in a bearish momentum. The pound has fallen into the oversold region.

General Outlook for EUR/GBP
The pound has reached bearish exhaustion. It is said to reverse at level 0.8740. However, if price breaks level 0.8740, the downward move will continue.



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