EUR/GBP Bulls Struggle Near 0.86000 Area
ByLCMS Traders FX Analysis Team
JUN 15, 2021
EUR/GBP is trading sideways near 0.86000 for more than a week. Currently, the pair is trading at 0.8598 with immediate support levels at 0.8582 and 0.8569. The intraday resistance levels are at 0.8612 and 0.8627.
On the intraday chart, the pair is keeping below the moving averages. The SMA-14 is at 0.8596 while the SMA-50 is at 0.8633. The RSI is at 48 and appears flat. The mid-Bollinger band is at 0.8606, the upper and lower band are at 0.8653 and 0.8558 respectively. Considering the fact that the pair is still on the lower side of the narrow range and analyzing the nearby resistance areas especially the SMA-50 resistance (0.8633) the upside appears limited. Therefore selling entries are ideal at the following levels
Direction: Sell
Entry: 0.8615
Take Profit range: 0.8570 – 0.8555
Stop-Loss: 0.8640
Bulls require an intraday closing above the SMA-50 to gain more control and take the pair further higher. Failing to achieve that would strengthen the bears and they would be once again in a position to challenge the previously held support area of 0.85000.
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