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EUR/GBP: a short-term idea

EUR/GBP: a short-term idea

Information is not investment advice

EUR/GBP formed a candlestick with a long lower wick on the MN chart – a sign of reversal to the upside. On the W1, two attempts to test lower levels ended by the ultimate failure of sellers. The pair went above the December-January resistance line in the 0.8517 area. The price action resembles the harmonic “butterfly” pattern. It means that the price will likely rise to the 0.8570/90 area before it meets resistance and starts declining. We favor buying as long as EUR/GBP is above 0.8525 with target at 0.8565/70. When the pair gets up to 0.8570/90, we’ll look for selling opportunities.

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Levels to trade EUR/USD

The price action in EUR/USD has been quite unfavorable for the euro. On The W1, the 50-week MA limited the pair’s advance.

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