EUR/GBP in an Overbought Region, Battles Resistance at Level 0.900
Login

EUR/GBP in an Overbought Region, Battles Resistance at Level 0.900

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:

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

EUR/GBP Price Long-term Trend: Bullish
The EUR/GBP pair is an uptrend. The recent upward move was terminated at level 0.90000. The price fell to the support above the 21-day SMA and resume a fresh uptrend. The bulls are still battling to break the resistance at level 0.90000. A break above the resistance will catapult the coin to the high of level 0.92000.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 61 of the Relative Strength index period 14. This implies that the market is in the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping upward indicating the uptrend

EUR/GBP Medium-term Trend: Bullish
On the 4-hour chart, the EUR/GBP pair is in an upward move. A correction candle body tested the 0.382 Fibonacci retracement level. This indicates that the pair will rise and reach a high of 2.618 Fibonacci extension level. However, while in the uptrend the market will reach its first target at 1.618 Fibonacci extension level. While in the second target, the market will reach a high of level 2.618 extension level.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping upward indicating the uptrend. The pair is above 80% range of the daily stochastic.
The pair is now in the overbought region. Sellers may emerge in the overbought region. However, in a trending market, the overbought condition may not hold.


General Outlook for EUR/GBP
The EUR/GBP pair is in an upward move. The market is expected to move up after reaching the level 1.618 Fibonacci extension level. The pair is facing an initial resistance at level 0.90000.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News