EUR/GBP Price Analysis: Bulls probe 100-day SMA near 0.8585
- EUR/GBP remains muted in the Asian session on Tuesday.
- The ascending trendline from the monthly lows acts as defensive for the bulls.
- Momentum oscillators hold onto the overbought zone warns against aggressive bets.
EUR/GBP edges lower after the previous session’s upside momentum. The pair trades in a very tight trade band.
At the time of writing, EUR/GBP is trading at 0.8577, down 0.04% for the day.
EUR/GBP daily chart
On the daily chart, the EUR/GBP cross has been in the constant upside momentum after making a low of 0.8450 on August 10. However, the price faces some consolidation near 0.8580 with multiple top formations.
Currently, the price moves along with ascending trending line from the mentioned low level.
A sustained move above the 100-day Simple Moving Average (SMA) at 0.8585 would prompt bulls to take out Thursday’s high at 0.8600.
In doing so, EUR/GBP bulls would then make a way to reach the 0.8620 horizontal resistance level.
The Moving Average Convergence Divergence (MACD) indicator trades in the overbought zone. Any uptick in the MACD would encourage bulls to retest the 0.8640 horizontal resistance level.
Alternatively, if price moves lower, in that case, the first downside target emerges at the previous session’s low at 0.8566.
Next, the bears would aim at the 0.8550 and the 0.8535 horizontal support levels.
EUR/GBP additional levels
via FXStreet News https://ift.tt/3tYkUTd
September 6, 2021 at 07:01PM