- EUR/GBP bulls regain their footing.
- 100-bar EMA and falling trendline from Wednesday check the up move.
- Sellers wait for confirmation below key Fibonacci retracement.
EUR/GBP traded around 0.9080/85 ahead of the European opening today after retracing the weakness during the early Asian session. Yesterday, the cross changed direction from the 61.8 Percent Fibonacci retracement of the September 03-11 up-move.
The bearish MACD and 0.9120 resistance challenge the pair’s bullish antics, along with a falling trendline from September 23 and a 100-bar exponential moving average.
If bulls get past the 0.9120 hurdle, the focus will turn to 0.9180 – part of a downward-slopping trendline from September 11.
Bears might wait for an opportune moment to enter and would prefer to keep the sidelines until EUR/GBP falls below the 61.8 Percent Fibonacci retracement level, around 0.9030.
Below which, 0.9000 will be a psychological level for both sellers and buyers, and the bears on a further fall will target the August 31 high of 0.8966 and 0.8865 – the monthly bottom.
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