Technicals

Add as a preferred source on Google

FxWirePro: EUR/GBP struggles around the 0.79 handle, focus on Construction PMI data

EUR/GBP trades a narrow range on the day, with day's high at 0.7911 and lows at lows at 0.7895. The pair is struggling at the 0.79 handle after being capped at 0.7920 on Tuesday's trade. Upside intact as long as the pair…

1 min read
FxWirePro: EUR/GBP struggles around the 0.79 handle, focus on Construction PMI data
Image from the original EconoTimes article

Read the original article

  • EUR/GBP trades a narrow range on the day, with day's high at 0.7911 and lows at lows at 0.7895. 
     
  • The pair is struggling at the 0.79 handle after being capped at 0.7920 on Tuesday's trade. Upside intact as long as the pair holds above daily cloud top at 0.7830.
     
  • Ahead in the day, final April Services PMIs are due later followed by EMU’s Retail Sales and UK’s Construction PMI.
     
  • Our previous call (http://www.econotimes.com/FxWirePro-EUR-GBP-holds-above-daily-cloud-after-gap-up-open-good-to-go-long-with-a-target-07925-202865) has achieved all targets. 
     
  • Pair now finds strong support at trendline 0.7875, while resistance is seen at 0.7920 (May 3rd highs).
    ​

Recommendation: Short breaks below 0.7875, SL: 0.7920, TP: 0.7845/0.7820/0.78
 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560