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FxWirePro- EURGBP trade idea

EURGBP continues to trade weak after forming a minor top around 0.8625. It hit a low of 0.84204 and is currently trading around 0.84296. Technicals- The pair trades below 34- and 55 EMA in the 4-hour chart. The near-term…

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FxWirePro- EURGBP trade idea
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EURGBP continues to trade weak after forming a minor top around 0.8625. It hit a low of 0.84204 and is currently trading around 0.84296.

 

Technicals-

 

The pair trades below 34- and 55 EMA in the 4-hour chart.

 

The near-term resistance is around 0.8435, a breach above targets 0.8450/0.84740/0.8480. The immediate support is at 0.8420, any violation below will drag the pair to 0.83830 (Jul 17th, 2024).

 

Indicator (4-hour chart)

 

CCI (14)- Bearish

 

CCI (50)- Bearish

 

Average directional movement Index - bearish

 

It is good to sell on rallies around 0.8450 with SL around 0.84750 for TP of 0.8400.

 

 

 

 

 

 

 

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