EUR/GBP has moved up from this week’s low of 0.9043 and is currently trading at 0.91131. The pair had gone up to 0.9169 in yesterday’s session but a slight recovery in the British Pound dragged it lower. However, with today’s selling pressure in the GBP the EUR/USD once again appears to be going up. The intraday resistance is at 0.9165 other resistances are at 0.92000 and 0.9233 levels. The near term support is at 0.91000 another support is present at 0.9070 area.

The SMA-21 is showing resistance at 0.9139 while the SMA-50 is showing a support area at 0.9054. The mid-Bollinger band is at 0.9134 while the lower band support is at 0.9028. The RSI is slightly above the neutral zone while the MACD has moved up from the zero line as well. The technical indicators are currently giving mixed signals however, the price pattern appears to be bullish and favors buying entries in the pair. An ideal buy entry would be at 0.9080 with a small target of 50 to 60 pips. A tight stop-loss for this trade would be just below the 0.9040 support area.

The pair is likely to consolidate between 0.9040 and 0.9160 before setting a clear direction. An intraday closing above 0.9160 would support the bulls and closing below 0.9040 would be supportive of the bears.

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By LCMS Traders FX Analysis Team

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