EURGBP: With the cross extending its weakness on Tuesday, risk of further downside pressure is likely. This development leaves support standing at the 0.7050 level where a violation will turn focus to the 0.7000 level. A break below here will expose the 0.6950 level. Further down, support comes in at the 0.6900 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 0.7100 level where a violation if seen will turn risk towards the 0.7150 level. Further out, the 0.7200 level comes in as the next upside target followed by the 0.7250 level. All in all, the cross is biased to the downside in the short term.
Get More Power Over Your Trading With Less Hassle
FXTechstrategy delivers powerful buy/sell trade ideas with stop losses, price targets and super-easy analysis to help you improve your results
GET MORE POWER OVER YOUR TRADING WITH LESS HASSLE
The Award-Winning Analysis Solution for Forex & Commoditidy Traders
Your trading, made easier
Get 15+ super-easy trade ideas with powerful daily analysis and easy-to-understand strategy eBook
Stay on top of every move with price action to help you make easier, faster, and more accurate trading decisions.
Whether your strategy is for day trading or swing trading FXTechstrategy analysis fits in seamlessly with no hassles.