EURGBP- With the cross closing higher the past week, further upside pressure is likely in the new week. Although likely to face consolidation, we think it should head higher in the new week. On the upside, resistance lies at the 0.7400 level where a violation if seen will turn risk towards the 0.7450 level. On further upside, the 0.7500 level comes in as the next upside target followed by the 0.7550 level. Its weekly RSI is bullish and pointing higher suggesting further strength. Conversely, support lies at the 0.7300 level where a violation will turn focus to the 0.7250 level. A break will expose the 0.7200 level. Further down, support comes in at the 0.7150 level. All in all, the cross remains biased to the upside 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.