EUR/GBP broke below the nine-day EMA at 0.8539 level, suggesting a short-term bearish trend.
The momentum indicator 14-day RSI still suggests a bullish bias for the currency cross.
The 14-day EMA at 0.8520 level could act as immediate support.
EUR/GBP retraces its recent gains from the previous session, trading around 0.8530 during the European hours on Tuesday. The daily chartanalysis shows the EUR/GBP cross has broken below the nine-day Exponential Moving Average (EMA) at 0.8539 level, signaling the onset of a bearish trend in the short term.
However, the momentum indicator 14-day Relative Strength Index (RSI) remains above the 50 level, suggesting a bullish bias for the EUR/GBP cross. Further depreciation toward the 50 level would suggest the easing of bullish momentum.
In terms of resistance, the EUR/GBP cross could find an immediate barrier at a three-month high of 0.8624 level marked on August 8, followed by a seven-month high of 0.8644 level recorded on April 23. A break above the latter could strengthen the currency cross to explore the region around the psychological level of 0.8700.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.