EUR/GBP turned above the middle canal level and now looks ready to make another mileage in the great resistance area.
How high can fly EUR/GBP before the bears come again?
We will look closely at September highs!
4-hour forex graphics EUR/GBP by Tradingview
In the latest trading sessions, the euro has received reason against the British pound, as officials of the European Central Bank (ECB) maintain their relative position, and EUR finds support for reliable demand for European capital.
Meanwhile, Sterling struggled to find a sustainable demand for mixed data releases in the UK average and the concern of uncertainty by the US government. Disabling, entering the second day without permission in the field of sight, created an environment that does not allow the risks, especially weighing currencies that have no safety appeal.
Remember that directional prejudices and conditions volatility at the market price are usually conditioned by the basics. If you haven’t done a homework assignment Euro and British poundThen the time to check the economic calendar and remain aware of the daily main news!
EUR/GBP has been in the observation trend since mid -August and just found support from 100 SMA, S1 Pivot Point at .8706 and the middle canal line near the .8700 handle.
In this case, the couple’s rebound looks to redo the .8750 zone. The area is built with the point R1, the top of the rising canal, and the September highs.
When sellers appear in the resistance zone, the rollback can send a couple back to .8720 or even the .8700 handle.
On the other hand, if EUR/GBP promotes the past .8750 and holds, we could look at the step to the R2 line at .8772, perhaps even running to potential interest .88.
No matter what you end up trading, be sure to practice proper risk management and be aware of high -level catalysts that can affect overall market sentiment.
Refusal of responsibility:
Note that the content of the technical analysis presented here is intended only for information and educational purposes. This should not be considered as a trading advice or a proposal for some specific directional prejudice. Technical analysis is just one of the aspects of a comprehensive trading strategy. The discussed technical institutions are designed to emphasize the potential areas that other traders can observe. Ultimately, all trade solutions, risk management strategies and their results are the only responsibility of each individual trader. Please trade responsibly.
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