EUR/GBP Keeps Below the Slopping Trend Line Resistance Area
ByLCMS Traders FX Analysis Team
JUL 5, 2021
EUR/GBP is trading 0.06% higher to 0.8573 after closing lower on Friday. The pair’s immediate support levels are at 0.8562 and 0.8538. The intraday resistance levels are at 0.8590 and 0.8624.
EUR/GBP Daily Technical Levels
The bulls were unable to breach above the slopping trend line resistance area on Friday and it’s likely to further favor the bulls. The current price is near the SMA-14 resistance line (0.8572) while the SMA-50 resistance area is at 0.8608. The mid-Bollinger band is at 0.8579 and the upper and lower bands are at 0.8625 and 0.8533 respectively. The RSI is below the neutral zone and supportive of the bears. Following the intraday price pattern and considering the nearby resistance areas the pair is ideal for a short entry at the following levels
Direction: Sell
Entry: 0.8585
Take Profit: 0.8535
Stop-Loss: 0.8615
An intraday closing above the SMA-50 (0.8600) would be ideal for the bulls to fully resume the uptrend. On the downside, an intraday closing below 0.8540 would help bears challenge the 0.8500 mark during this week.
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.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.