EURGBP Price Analysis: Pierces 200-day SMA in search of further upside

EURGBP Price Analysis: Pierces 200-day SMA in search of further upside

  • EUR/GBP nears the highest level in five months, registers a five-day winning streak.
  • 50% Fibonacci retracement can please buyers, a horizontal line from December-2019 limits short-term declines.
  • Bullish MACD, sustained break of the key SMA favor buyers.

Having successfully breached 200-day SMA, EUR/GBP takes the bids to 0.8775, up 0.45%, ahead of the European open on Wednesday.

The pair currently heads to 50% Fibonacci retracement of its August-December 2019 fall, at 0.8837.

Though, 0.8900, 61.8% Fibonacci retracement level of 0.8970 and October 2019 high near 0.9030 can challenge buyers next.

Sellers can look for an entry in a case where the pair fails to stay beyond 200-day SMA, at 0.8745 now, on a daily closing basis, which in turn could recall 38.2% Fibonacci retracement and the recent lows, respectively around 0.8700 and 0.8620.

It should be noted that the pair’s declines past-0.8620 will find strong support around 0.8600 that comprises highs marked during December 2019 and January 2020.

EUR/GBP daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 0.8777
Today Daily Change 39 pips
Today Daily Change % 0.45%
Today daily open 0.8738

 

Trends
Daily SMA20 0.85
Daily SMA50 0.8491
Daily SMA100 0.8517
Daily SMA200 0.8741

 

Levels
Previous Daily High 0.8782
Previous Daily Low 0.8681
Previous Weekly High 0.8746
Previous Weekly Low 0.8594
Previous Monthly High 0.8644
Previous Monthly Low 0.8282
Daily Fibonacci 38.2% 0.8743
Daily Fibonacci 61.8% 0.8719
Daily Pivot Point S1 0.8685
Daily Pivot Point S2 0.8633
Daily Pivot Point S3 0.8585
Daily Pivot Point R1 0.8786
Daily Pivot Point R2 0.8834
Daily Pivot Point R3 0.8886

 

 

 


Source: FxStreet

 

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