Technical analysis applied to the daily chart of EUR/GBP currency pair shows a neutral trend, inside a very positive short-term trend.
EUR/GBP currency pair May, 25 close was slightly higher, at 0.8670 (+0,18%). Technical analysis applied to the daily chart shows a neutral trend, inside a very positive short-term trend. For today trading session the forecast of price fluctuations is between support and resistance levels. The major oscillators confirm the bullish trend.
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Simple Moving Average (SMA)
EURGBP quotes are above 14 day moving average (SMA value is 0.8545). The short term view is therefore bullish, however for today trading session we can’t exclude retracements towards the most significant support levels.
Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 25/05/2017
Performance: 7 trading days= +0.83% – 15 trading days= +2.36% – 30 trading days= +2.29%
Resistance levels: R1= 0.8682 – R2= 0.8694 – R3= 0.8727
Pivot Point: 0.8661
Support levels: S1= 0.8649 – S2= 0.8628 – S3= 0.8595
Buying opportunity above 0.8688 targets minor resistance at 0.8729 and perhaps as far as strong resistance at 0.8758, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 0.8807.
Selling opportunity below 0.8653 targets minor support at 0.8615 and perhaps as far as strong support at 0.8586, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 0.8541.