• The cross struggled to build on overnight goodish up-move beyond the very important 200-day SMA, or over two-week tops, and now seems to have snapped three consecutive days of winning streak.
• Despite the prevalent bearish pressure, the downslide abated ahead of an important confluence support, comprising of a short-term ascending trend-line and 200-hour SMA.
• With technical indicators on 1-hourly/daily chart holding in bearish territory, a convincing break below the mentioned support would suggest that the recent corrective bounce might have already run out of steam.
• However, a sustained move back above 200-day SMA might negate any near-term bearish bias and pave the way for an extension of the recovery move from near four-month lows, touched earlier this month.
EUR/GBP 1-hourly chart
-636758984206463168.png)
EUR/GBP
Overview:
Last Price: 0.8821
Daily change: -22 pips
Daily change: -0.249%
Daily Open: 0.8843
Trends:
Daily SMA20: 0.8827
Daily SMA50: 0.8906
Daily SMA100: 0.888
Daily SMA200: 0.8836
Levels:
Daily High: 0.886
Daily Low: 0.8805
Weekly High: 0.8836
Weekly Low: 0.8753
Monthly High: 0.9054
Monthly Low: 0.8848
Daily Fibonacci 38.2%: 0.8839
Daily Fibonacci 61.8%: 0.8826
Daily Pivot Point S1: 0.8812
Daily Pivot Point S2: 0.8781
Daily Pivot Point S3: 0.8758
Daily Pivot Point R1: 0.8867
Daily Pivot Point R2: 0.889
Daily Pivot Point R3: 0.8921
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD extends gains above 1.0700, focus on key US data
EUR/USD meets fresh demand and rises toward 1.0750 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
USD/JPY keeps pushing higher, eyes 156.00 ahead of US GDP data
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, recapturing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming intervention risks. The focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold closes below key $2,318 support, US GDP holds the key
Gold price is breathing a sigh of relief early Thursday after testing offers near $2,315 once again. Broad risk-aversion seems to be helping Gold find a floor, as traders refrain from placing any fresh directional bets on the bright metal ahead of the preliminary reading of the US first-quarter GDP due later on Thursday.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
Meta takes a guidance slide amidst the battle between yields and earnings
Meta's disappointing outlook cast doubt on whether the market's enthusiasm for artificial intelligence. Investors now brace for significant macroeconomic challenges ahead, particularly with the release of first-quarter GDP data.