EUR/GBP is trading back inside a multi-month range after temporarily breaking out to the upside. It could now potentially continue falling to the range lows, with support from 50 and 100 MAs on the way. The pair is in a sideways trend that continues extending. The move back down inside the range continues the pair’s sideways trend. This trend is expected to continue given the old saying that “the trend is your friend”.
For a change of the sideways trend, EUR/GBP would need to make a decisive break below the range lows or above the April 23 high. In the case of a break below the range lows the first downside target would be located at 0.8486 – the 0.618 Fibonacci ratio of the height of the range extrapolated lower from the channel’s base. This is the common method used by technical analysts to estimate range breakouts. Further weakness could even see price reach the next target at 0.
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Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »