EURGBP has become volatile and still residing inside the ranges of 0.8570 to 0.8640 area. EURGBP remains over 0.8570 psychological support level. Bulls to regain momentum in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s EUR/GBP Technical Analysis.
June 4, 2021, | AtoZ Markets – EURGBP is currently trading around 0.8575 area and trying to push downside. The bulls have regained momentum after bouncing from 0.8570 to 0.8580 support level and pushed the price upside and reached 0.8630 to 0.8640 resistance level again. As per the current price action context, the price may face strong support around 0.8570 to 0.8580 area again in the coming days.
EURGBP Remains Over as the Support Level Working Strongly
EURGBP is currently residing near 0.8575 area and trying to push lower. However, the Bollinger Bands’ lower band still holds the price as strong support on the intraday chart.
Image: EURGBP 4 Hour Chart
According to the 4-hour chart, EURGBP remains over and currently trading around 0.8575 area. As per the current scenario, if the price pushed further downside and breaks below 0.8580 to 0.8570 support level with an impulsive bearish candle, the bears may sustain the bearish pressure towards 0.8540 to 0.8530 area in the process. On the other hand, if the price bounced higher from 0.8570 to 0.8580 support level with an impulsive bullish candle, the bulls may regain momentum and push the price upward towards 0.8630 to 0.8640 area again in the coming days.
In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Bollinger Bands middle band. So, the dynamic level may act as strong resistance to push the price down. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the days ahead. However, the Bolinger Bands’ lower band is currently residing near the price, which may work as strong support to push the price upward in the process.
EURGBP May Continue Lower
According to the daily chart, EURGBP remains over and currently trading around 0.8575 area. As per the current price action, if the price can break below 0.8580 to 0.8570 area with an impulsive daily bearish candle close, the bears may sustain the bearish pressure towards 0.8540 to 0.8530 area as a first target. The second target will be 0.8480 to 0.8470 area if the price can break below 0.8540 to 0.8530 support level in the coming days.
Image: EURGBP Daily Chart
Also, the dynamic level of 20 EMA is currently residing above the price, which has already worked as strong resistance and pushed the price down. Along with this, the MACD lines are currently residing below the 0.00 level and gradually sloping downward. It indicates that the bears may sustain the bearish pressure further in the process.
To conclude, as long as the price residing below the dynamic level of 20 EMA, the bias will remain bearish. An impulsive daily close is needed to identify the definite momentum in the coming days.