EUR/GBP sees decisive break above 0.78 handle, targets 0.7925
Updated
EUR/GBP has broken range trade along trendline support. Price action has edged above the daily cloud.
The pair opened with a gap-up after surging past 0.7800 handle on Friday and is holding above 5&10 DMAs. Techs indicate further upside.
Stochs show a bullish rollover from oversold territory, RSI has bounced off from near 30 levels and is at 47 with further room to run. MACD line is on the verge of a bullish crossover on signal line.
Downside sees strong support at 0.7800 mark, which has now been decisively conquered and would be difficult to break through.
Immediate resistance is found at 0.7875 levels, breaks above opens room for a test of 0.7920-25 resistance.
Good to go long on dips around 0.7830/35, SL: 0.7790, TP: 0.7875/0.79/0.7925
The pair opened with a gap-up after surging past 0.7800 handle on Friday and is holding above 5&10 DMAs. Techs indicate further upside.
Stochs show a bullish rollover from oversold territory, RSI has bounced off from near 30 levels and is at 47 with further room to run. MACD line is on the verge of a bullish crossover on signal line.
Downside sees strong support at 0.7800 mark, which has now been decisively conquered and would be difficult to break through.
Immediate resistance is found at 0.7875 levels, breaks above opens room for a test of 0.7920-25 resistance.
Good to go long on dips around 0.7830/35, SL: 0.7790, TP: 0.7875/0.79/0.7925
Trade active
Upside pauses at Mar 17th highs (0.7911). Further upside only on breaks above.TP 1&2 achieved. Book partial profits.
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