ByLCMS Traders FX Analysis Team
MAY 12, 2021
EUR/GBP has once again dropped below 0.8600 and currently trading at 0.85788. The pair’s immediate support levels are at 0.8562 and 0.8544. The intraday resistance levels are at 0.8623 and 0.8646.
On intraday charts, the pair has been unable to move above the moving averages. The SMA-14 is indicating resistance at 0.8613 and the SMA-14 resistance area is at 0.8659. The price is also keeping below the mid-Bollinger band (0.8555) while the upper and lower bands are at 0.87322 and 0.85794 respectively. The RSI is at 38 and has a downwards curve. Considering the intraday and 4-hourly price patterns, the pair is currently good to sell near 0.8585 with a target of 50 to 60 pips and stop-loss at 0.8620.
An intraday closing below 0.8650 would once again strengthen the bears and raise the chances of a further drop towards 0.8470 and 0.8420 in the coming days. On the upside, an intraday closing above 0.8640 would be supportive of the bulls.
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