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EURGBP surged slightly as Euro recovers. Intraday bias remains bearish as long as resistance 0.8340 holds. It hits a low of 0.8270 at the time of writing and is currently trading around 0.83104.
Euro lost its shine amid France political crisis. It is facing a serious political crisis with Prime Minister Michel Barnier's minority government at risk of collapsing due to a no-confidence vote.
His proposed €60 billion budget to reduce the deficit is encountering strong opposition from both right and left-wing parties. To bypass this, Barnier used a controversial method to pass a social security budget, prompting more opposition challenges. The political turmoil has raised concerns about France's financial stability, affecting its bond yields and raising questions about future governance.
Technical Analysis
The pair is currently trading below the 34- and 55-EMA on the 4-hour chart.
Bearish Trend Confirmation: If the price stays below 0.82600, it will confirm an intraday bearish trend. A drop to 0.8235 or 0.8200 is likely.
Near-Term Resistance: Current resistance is around 0.8320. If it breaks above, we could see movement toward 0.8340/0.8360/0.8380/0.845/0.8500. The bearish outlook would be invalidated only if the price goes above 0.8500.
Indicator Analysis (4-hour chart)
- CCI (50): Bearish
- Average Directional Movement Index: Bearish
Trading Recommendation
It may be wise to sell on rallies around 0.8340, with a stop loss set at 0.8380 and a target price of 0.8200.
