Mon, May 25, 2020 @ 08:33 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8988; (P) 0.9024; (R1) 0.9078; More…

EUR/GBP rebounded strongly again but it;’s still bounded in consolidation from 0.9086. Intraday bias stays neutral and outlook remains bullish with 0.8931 support intact. On the upside firm break of 0.9098 resistance will extend the whole rise from 0.8655 to 0.9304 key resistance next. However, considering bearish divergence condition in 4 hour MACD, firm break of 0.8931 will indicate near term reversal and target 0.8810 support and below.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). It should be in medium term rising leg for 0.9304. Meanwhile, in case of another fall, down side should be contained by 0.8620/55 support zone to bring rebound.

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8888; (P) 0.8906; (R1) 0.8930; More…

EUR/GBP’s rebound from 0.8786 short term bottom is still in progress. Intraday bias stays mildly on the upside for 55 day EMA (now at 0.8956). Sustained break will pave the way back to retest 0.9324 high. On the downside, however, firm break of 61.8% retracement of 0.8472 to 0.9324 at 0.8797 will resume the decline form 0.9324 and target 0.8472 low.

In the bigger picture, the failure to sustain above 0.9305 (2017 high) suggests that consolidation from there is extending. Breach of 0.8472 cannot be ruled out but downside should be contained by 38.2% retracement of 0.6935 (2015 low) to 0.9305 at 0.8400. On the upside, firm break of 0.9327 will confirm up trend resumption.

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.9025; (P) 0.9056; (R1) 0.9076; More

EUR/GBP is losing upside momentum as seen in 4 hour MACD. But with 0.8995 minor support intact, further rise is still expected. Current rise from 0.8312 should extend towards 0.9304 key high. At this point, there is no clear sign of up trend resumption yet. Hence, we’ll be cautious on strong resistance from 0.9304 to limit upside and bring another fall. On the downside, below 0.8995 minor support will turn intraday bias neutral and bring consolidation before staging another rise.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. It’s uncertain whether it is finished yet. But in case of another fall, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside and bring rebound. Whole up trend from 0.6935 is expected to resume after consolidation from 0.9304 completes.

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8825; (P) 0.8844; (R1) 0.8859; More

Intraday bias in EUR/GBP remains neutral for the moment as it’s staying in range of 0.8742/8948. On the downside, below 0.8742 will target 38.2% retracement of 0.8312 to 0.8948 at 0.8705 first. Break will target 61.8% retracement at 0.8555 next. However, break of 0.8948 will extend the rebound from 0.8312 towards 0.9304 resistance.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. It’s uncertain whether it is finished yet. But in case of another fall, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside and bring rebound. Whole up trend from 0.6935 is expected to resume after consolidation from 0.9304 completes.

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8708; (P) 0.8726; (R1) 0.8757; More…

No change in EUR/GBP’s outlook. Further decline is mildly in favor with 0.8863 resistance intact. Current fall from 0.9499 could target 0.8276/82 key support zone. On the upside, though, break of 0.8863 minor resistance will indicate short term bottoming and bring rebound.

In the bigger picture, up trend from 0.6935 (2015 ) should still be in progress. Next target is 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. Initial resistance could be seen around there as it’s close to 0.9799 (2008 high). In any case, medium term outlook will stay bullish as long as 0.8276 support holds, even in case of deep pull back.

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8798; (P) 0.8810; (R1) 0.8823; More…

EUR/GBP is still bounded in sideway trading inside 0.8693/8844. Intraday bias remains neutral and more consolidations could be seen. But after all, as long as 0.8693 minor support holds, further rally is in favor. On the upside, break of 0.8844 will resume the rebound from 0.8620 for 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963). However, break of 0.8693 will bring deeper fall back to retest 0.8620 low.

In the bigger picture, for now, the decline from 0.9305 is seen as a leg inside the long term consolidation pattern from 0.9304 (2016 high). Such consolidation pattern could extend further. Hence, in case of strong rally, we’d be cautious on strong resistance by 0.9304/5 to limit upside. Meanwhile, in another decline attempt, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside.

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8784; (P) 0.8815; (R1) 0.8835; More…

Intraday bias in EUR/GBP remains neutral and with 0.8847 support turned resistance intact, deeper fall is expected. On the downside, break of 0.8772 will target 0.8620 low first. Decisive break there will resume whole down trend from 0.9304. In that case, next target will be 100% projection of 0.9305 to 0.8620 from 0.9097 at 0.8412.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Current development suggests that fall from 0.9303, as a down leg in the pattern, is still in progress. But in case of deeper fall, downside should be contained by 0.8116 cluster support, 50% retracement of 0.6935 (2015 low) to 0.9304 at 0.8120, to bring rebound.

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8594; (P) 0.8606; (R1) 0.8618; More…

Intraday bias in EUR/GBP remains neutral for the moment as consolidation from 0.8575 is extending. Another recovery cannot be ruled out. But upside should be limited by 0.8811 resistance. On the downside, break of 0.8575 will resume the fall from 0.9324 and target 100% projection of 0.9324 to 0.8786 from 0.9019 at 0.8481, which is close to 0.8472 key support.

In the bigger picture, we’re now seeing 0.9324 as a medium term top on bearish divergence condition in weekly MACD. Price actions from there should develop into a corrective pattern. Deeper fall should be seen back to 38.2% retracement of 0.6935 to 0.9324 at 0.8411 but strong support should be seen there, at least on first attempt, to bring rebound. On the upside, break of 0.9324 is needed to confirm up trend resumption. Otherwise, risk will stay on the downside even in case of strong rebound.

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EUR/GBP Mid-Day Outlook

Daily Pivots: (S1) 0.8973; (P) 0.9006; (R1) 0.9029; More

EUR/GBP’s decline from 0.9305 extends to as low as 0.8877 and breaks 38.2% retracement of 0.8312 to 0.9305 at 0.8926. Intraday bias remains on the downside. Fall from 0.9305 is seen as the third leg of the consolidation from 0.9304. Further fall should be seen to 61.8% retracement at 0.8691 and below. On the upside, above 0.8981 minor resistance will turn intraday bias neutral first.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. It’s uncertain whether it is finished yet. But in case of another fall, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside and bring rebound. Whole up trend from 0.6935 is expected to resume after consolidation from 0.9304 completes. Firm break of 0.9799 high will target 61.8% projection of 0.5680 to 0.9799 from 0.6935 at 1.1054.

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8274; (P) 0.8311; (R1) 0.8340; More…

Intraday bias in EUR/GBP remains on the downside with focus on 0.8276 low. Decisive break there will resume whole fall from 0.9324. Next target is 61.8% projection of 0.9019 to 0.8276 from 0.8595 at 0.8136. On the upside, above 0.8348 minor resistance will turn bias to the upside, and extend the consolidation from 0.8276 with another rising leg.

In the bigger picture, decline from 0.9324 medium term top is still in progress. As long as 0.8595 holds, further fall is expected to 61.8% retracement of 0.6935 to 0.9324 at 0.7848. Nevertheless, break of 0.8786 will argue that fall from 0.9324 has completed and bring stronger rebound.

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8733; (P) 0.8802; (R1) 0.8841; More…

EUR/GBP drops sharply to as low as 0.8763 so far. Intraday bias remains on the downside as fall from 0.9101 is targeting 0.8655 support. On the upside, break of 0.8927 support turned resistance is needed to confirm short term bottoming. Otherwise, risk will stay on the downside even in case of recovery.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). The medium term range is set between 0.8620 and 0.9101. Downside break out of 0.8620 will pave the way back to 0.8302/12 support zone. Break of 0.9101 will bring retest of 0.9304/5 resistance.

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EUR/GBP Weekly Outlook

EUR/GBP edged lower to 0.8857 last week but turned into sideway trading since then. Initial bias remains neutral this week first. At this point, price actions from 0.8745 are viewed as a corrective pattern. As long as 61.8% retracement of 0.9305 to 0.8745 at 0.9091 holds, deeper fall is in favor. Below 0.8857 minor support will turn bias to the downside. Further break of 0.8745 will resume whole decline form 0.9305 and target 0.8303 key support level. Nonetheless, sustained break of 0.9091 will bring retest of 0.9305 instead.

In the bigger picture, there are various ways to interpret price actions from 0.9304 high. But after all, firm break of 0.9304/5 is needed to confirm up trend resumption. Otherwise, range trading will continue with risk of another fall. And in that case, EUR/GBP could have a retest on 0.8303. But we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside.

In the long term picture, firstly, price action from 0.9799 (2008 high) is seen as a long term corrective pattern and should have completed at 0.6935 (2015 low). Secondly, rise from 0.6935 is likely resuming up trend from 0.5680 (2000 low). Thirdly, this is supported by the impulsive structure of the rise from 0.6935 to 0.9304. Hence, after the correction from 0.9304 completes, we’d expect another medium term up trend through 0.9799 to 100% projection of 0.5680 to 0.9799 from 0.6935 at 1.1054.

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

EUR/GBP Weekly Chart

EUR/GBP Monthly Chart

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EUR/GBP Daily Outlook

No change in EUR/GBP’s outlook even though upside momentum is weak. With 0.8828 minor support intact, further rise is mildly in favor for 0.8981 resistance. Sustained break there will indicate that whole decline from 0.9305 has completed. In such case, EUR/GBP will target a test on 0.9304/5 key resistance. On the downside, below 0.8828 minor support will turn bias back to the downside for 0.8668 instead.

In the bigger picture, there are various ways to interpret price actions from 0.9304 high. But after all, firm break of 0.9304/5 is needed to confirm up trend resumption. Otherwise, range trading will continue with risk of deeper fall. And in that case, EUR/GBP could have a retest on 0.8303. But we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside.

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8638; (P) 0.8668; (R1) 0.8685; More

EUR/GBP’s rally resumed after brief dip to 0.8639 and reaches as high as 0.8858 so far. Intraday bias is back on the upside and decisive break of 0.8851 will pave the way to retest 0.9304 high. There is no firm sign of up trend resumption yet. Hence, we’ll be cautious on topping around 0.9304. On the downside, break of 0.8639 is now needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. The leg from 0.9304 should have completed after testing 0.8332 structural support. But it’s too early to say that larger rise from 0.6935 is resuming. Rejection from 0.9304 will extend the consolidation with another falling leg. Meanwhile, firm break of 0.9304 will target 0.9799 (2008 high). In case of another decline, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside and bring rebound.

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8688; (P) 0.8719; (R1) 0.8734; More…

Intraday bias in EUR/GBP remains neutral for consolidation above 0.8690 temporary low. As long as 0.8800 minor resistance holds, another fall is expected. Break of 0.8690 will extend whole fall from 0.9098 to 0.8620 support first. Break will target 100% projection of 0.9098 to 0.8722 from 0.8939 at 0.8563 next. However, break of 0.8800 will turn focus back to 0.8939 resistance instead.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). On the downside, break of 0.8722 will extend the falling leg through 0.8620 support. On the upside, break of 0.9097 will target 0.9304 resistance instead.

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8785; (P) 0.8804; (R1) 0.8836; More…

EUR/GBP’s range trading continues inside 0.8686/8928. Intraday bias remains neutral. Also, outlook stays mildly bearish with 0.8928 resistance intact. On the downside, firm break of 0.8686 will resume whole decline from 0.9305. As 61.8% retracement of 0.8312 to 0.9305 should then be taken out too, deeper decline would be seen to retest 0.8303/8312 support zone. Nonetheless, on the upside, break of 0.8928 will indicate near term reversal and turn outlook bullish for 0.9304 resistance.

In the bigger picture, there are various ways to interpret price actions from 0.9304 high. But after all, firm break of 0.9304/5 is needed to confirm up trend resumption. Otherwise, range trading will continue with risk of deeper fall. And in that case, EUR/GBP could have a retest on 0.8303. But we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside.

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

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EUR/GBP Weekly Outlook

EUR/GBP edged lower to 0.8620 last week but rebounded strongly since then. A short term bottom should be formed after hitting 61.8% projection of 0.9305 to 0.8745 from 0.8967 at 0.8621. Initial bias remains on the upside this week for 0.8796 resistance first. Break will target key cluster resistance at 0.8967 (50% retracement of 0.9305 to 0.8620 at 0.8963) next. On the downside, break of 0.8688 minor support will dampen the bullish case and turn focus back to 0.8620 instead.

In the bigger picture, for now, the decline from 0.9305 is seen as a leg inside the long term consolidation pattern from 0.9304 (2016 high). Such consolidation pattern could extend further. Hence, in case of strong rally, we’d be cautious on strong resistance by 0.9304/5 to limit upside. Meanwhile, in another decline attempt, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside.

In the long term picture, we’re holding on to the view that rise from 0.6935 (2015 low) is resuming the up trend from 0.5680 (2000 low). Hence, after the consolidation from 0.9304 completes, we’d expect another medium term up trend through 0.9799 to 100% projection of 0.5680 to 0.9799 from 0.6935 at 1.1054.

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8536; (P) 0.8565; (R1) 0.8612; More…

Intraday bias in EUR/GBP remains neutral as consolidation from 0.8474 is extending. Near term outlook remains bearish as long as 0.8722 resistance holds. On the downside, break of 0.8474 will resume larger down trend for 0.8416 long term projection next. On the upside, though, break of 0.8722 will resume the rebound from 0.8474 to 0.8840 resistance first.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Current fall from 0.9305 (2017 high), is a falling leg inside the pattern. Such decline could extend to 100% projection of 0.9305 to 0.8620 from 0.9101 at 0.8416 and possibly below. But for now, we’d expect strong support around 0.8312 support to contain downside and bring rebound.

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8742; (P) 0.8786; (R1) 0.8812; More…

EUR/GBP’s fall resumed by breaking 0.8763 and reaches as low as 0.8749 so far. Intraday bias is back on the downside. Current fall form 0.9101 should target 0.8620/55 support zone. We’d expect strong support from there to bring near term reversal. On the upside, break of 0.8862 resistance is needed to indicate short term bottoming. Otherwise, further fall is still expected in case of recovery.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). The medium term range is set between 0.8620 and 0.9101. Downside break out of 0.8620 will pave the way back to 0.8302/12 support zone. Break of 0.9101 will bring retest of 0.9304/5 resistance.

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.9035; (P) 0.9051; (R1) 0.9074; More…

EUR/GBP’s rally extends to as high as 0.9073 so far today. Intraday bias remains on the upside for the moment. Sustained trading above 61.8% retracement of 0.9305 to 0.8620 at 0.9043 will pave the way to retest 0.9305 key resistance. On the downside, below 0.9033 minor support will turn bias neutral and bring consolidations. But near term outlook will stay bullish as long as 0.8895 support holds.

In the bigger picture, EUR/GBP is staying in long term range pattern from 0.9304 (2016 high). The corrective structure of the fall from 0.9305 to 0.8620 is raising the chance that rise from 0.8312 to 0.9305 is an impulsive move. But we’re not too confident on it yet. In any case, we’d stay cautious on strong resistance from 0.9304/5 to limit upside in case of further rally. Meanwhile, if there is another medium term decline, strong support will likely be seen from 0.8303 to contain downside.

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