Search
Products
Community
Markets
News
Brokers
More
EN
Get started
Community
/
Ideas
/
EUR/GBP backs-off 0.7382 resistance, Short for 0.73
Euro / British Pound
Short
EUR/GBP backs-off 0.7382 resistance, Short for 0.73
By FxWirePro
Follow
Follow
Dec 29, 2015
4
Cheer
Cheer
Dec 29, 2015
EUR/GBP has bounced back from strong trendline resistance at 0.7382 in Monday's trade, Techs point further downside.
5, 10 & 20 DMAs trend north, Stochs on 4-hourly charts has rolled-over from overbought zone with a bearish crossover.
Demand for Euro hit as higher Asian equities and modest recovery in the commodities space keep the market sentiment lifted.
No major economic drivers ahead until the NY session, markets will track the sentiment across global equities for cues.
5-DMA at 0.7358 is immediate support on the downside ahead of 0.7314 (23.6 % Fib of 0.6981-0.7416 rise).
While immediate resistance is seen at 0.7380 (Session high Dec 28) and then at 0.7385 (rising trendline).
We would sell rallies around 0.7370, SL: 0.7420, TP1: 0.73, TP2: 0.7280
EUR
EURGBP
GBP
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the
Terms of Use
.