The bid tone on the EUR weakened again in the European session on Monday, pushing the EUR/GBP pair lower towards the 200-DMA located at 0.7323.
- The pair has pared some losses and has edged higher to hit session highs at 0.7350, taking support by hourly Kijun at 0.7326
- EUR/GBP is currently trading at 0.7340, with immediate resistance at 0.7358 (Hourly High Sept 14), breaks above could take the pair to 0.7380 levels
- Strong support on the downside is seen between 0.7240/44 zone. Immediate support is seen at 0.7326 (hourly Kijun) and then at 0.7322 (200 DMA)
Recommendation: Good to buy dips around 0.7330/35, SL: 0.7320, TP: 0.7380
Resistance Levels:
R1: 0.7358 (Hourly High Sept 14)
R2: 0.7376 (Daily High Sept 3)
R3: 0.7395 (Double Day Top Sept 1, 2)
Support Levels:
S1: 0.7326 (hourly Kijun)
S2: 0.7324 (10 DMA)
S3: 0.7322 (200 DMA)
