EURGBP Bounces Off 55-EMA: Bullish Breakout to 0.8900 – Buy the Dip at 0.8770
EURGBP took support near 55-4H EMA and showed a minor pullback. As long as support 0.8750 holds, intraday bias is positive. Currently trading at 0.88104, it reached an intraday high of 0.88093. Technical Analysis The pai…
EURGBP took support near 55-4H EMA and showed a minor pullback. As long as support 0.8750 holds, intraday bias is positive. Currently trading at 0.88104, it reached an intraday high of 0.88093.
Technical Analysis
The pair is currently trading above 55 and 200- EMA and 365-EMA on the 4-hour chart.
Bearish Trend Confirmation: Any break below 0.8750 confirms an intraday bearish trend. A drop to 0.8700/0.8660/0.8630/0.8600/0.8560/0.8520/0.8480 is likely.
Near-Term Resistance: The near-term resistance is around 0.8825. Any violation above will take the pair to 0.8850/0.8900.
Indicator Analysis (4-hour chart)
CCI (50): Bullish
Average Directional Movement Index: Bullish
Trading Recommendation
It is good to buy on dips around 0.8768-70 with SL around 0.8720 for a TP of 0.8850/0.8900.
