Range Markets

  • EUR/GBP takes the bids near intraday high around 0.9020.
  • Bearish MACD highlights 100-day EMA as immediate resistance.
  • Multiple levels below 0.9000 test bears amid normal RSI conditions.

EUR/GBP rises to 0.9018, up 0.09% intraday, during the pre-European trading on Tuesday. The pair rises for the second day while taking clues from the previous day’s bullish inverted hammer candlestick on the daily (D1) chart.

In doing so, the buyers aim for a 100-day EMA level of 0.9025. Though, bearish MACD conditions doubt the pair’s further upside, which if ignored will attack a falling trend line from October 20, at 0.9035 now.

Should the EUR/GBP bulls manage to conquer 0.9035, the 0.9100 threshold can entertain them ahead of pushing towards the multiple resistances above 0.9148, comprising the October 20 high.

On the downside, sellers can target the 0.9000 psychological magnet during the fresh downside but Friday’s low near 0.8980/85 could restrict the pair’s further weakness.

If at all the EUR/GBP bears dominate past-0.8980, there are multiple supports around 0.8960/50 before drawing the market’s attention towards September’s low of 0.8866.


Trend: Further recovery expected

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