First strong resistance now is seen at 0.8800 which marks a double top and if bears get serious about this, we might see a reversal of the two-week trend that started on May 10.
On the other hand, a continuation of the upward move above 0.8800 would put into focus the next highest high laying at 0.8865. If this is conquered, then the major resistance rests at the seven-year high at 0.93255.
It's important to notice that the price just went above the 200SMA which is a reliable signal that a consistent move to the upside is probable.
Char: EUR/GBP D1
Let's see whether it will break out above 0.8800.
ReplyDeleteImportant levels to keep in mind!
ReplyDeleteIt may have found a resistance at 0.8750.
ReplyDeleteVery helpful article.
ReplyDeleteVery informative article, thanks for sharing!
ReplyDeleteThanks for such an informative analysis.
ReplyDelete