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Technical Analysis – EUR/GBP looks neutral

EUR/GBP 24/05/2018 | EconAlerts

EUR/GBP looking neutral in the short- and medium-term.

EUR/GBP has been trading within a relatively narrow range from Tuesday onward, only momentarily breaking out of the boundary formed by the 38.2% and 50% Fibonacci retracement levels of the March 7 to April 17 down-leg at 0.8753 and 0.8793 respectively.

The RSI is at the 50 neutral-perceived level and is moving sideways, pointing to the absence of momentum in either direction, the upside or the downside.

A rising pair may meet resistance around the 50% Fibonacci mark at 0.8793 – the region around this level encapsulates the 0.88 round figure, as well as the current level of the 100-day moving average at 0.8795 and a bottom from the recent past at 0.8771. The stronger bullish movement would turn the attention to the area around the 61.8% Fibonacci level at 0.8834.

In case of declines, support could come around the 38.2% Fibonacci mark at 0.8753 – the area around this point also includes the 50-day MA at 0.8750, as well as a few bottoms from the past. Further below, the 23.6% Fibonacci level at 0.8702 would come in sight.

The medium-term picture is looking mostly neutral at the moment, with trading activity taking place in between the 50- and 100-day MA lines, and price action exhibiting considerable sideways movement over the last few months.

Overall, both the short- and medium-term outlooks are currently looking neutral.

EUR/GBP 24/05/2018 | EconAlerts



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source: XM

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