Home Technical Analysis EURGBP still aiming to inch lower

EURGBP still aiming to inch lower

0
0

The eight-hour chart of the EURGBP pair shows that, prices have been trapped within a narrow range since the opening of this week.

EURGBP is still covered by the 20-day simple moving average after double topping earlier in the 0.7400 regions.

EURGBP-H8--FXCOMMENT-16-06

In the interim, RSI14 continued to move lower and it is currently valued at 40.00, reflecting the weak momentum for intraday and short-term traders.

The clue for selling the pair comfortably resides in the 0.7200 territories, while 0.7150-0.7125 represent the targeted levels.

On the flip side, coming above 0.7285 may give intraday traders rational reason for concern.

(0)

Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *