OctaFX | OctaFX Forex Broker
Open trading account

EUR/GBP Technical Analysis: Breaks 100-hour SMA support, weakens farther below 0.90 mark

   •  The cross extended last week's retracement slide from the 0.9060 supply zone and has now drifted to the lower end of a near three-week-old trading range. 

   •  The price action constituted to form a rectangle on the daily chart, usually seen as a continuation pattern but also mark trend significant tops or bottoms.

EUR/GBP daily chart

   •  A sustained break below the key 0.90 psychological mark or 100-hour SMA was seen as a key trigger for bearish traders and the latest leg of a sudden drop. 

   •  Technical indicators on the 1-hourly chart are already pointing to slightly overbought conditions and thus, warrant some caution before placing fresh bearish bets. 

1-hourly chart

   •  Meanwhile, oscillators on the 4-hourly chart have been gaining bearish traction and also losing positive momentum on the 4-hourly chart, indicating further downside.

   •  The bearish technical set-up now seems to suggest that any attempted rebound is more likely to be utilized as a selling opportunity near the 0.900 handle.


    Today Last Price: 0.8978
    Today Daily change: -32 pips
    Today Daily change %: -0.355%
    Today Daily Open: 0.901
    Previous Daily SMA20: 0.8984
    Previous Daily SMA50: 0.8891
    Previous Daily SMA100: 0.8899
    Previous Daily SMA200: 0.885
    Previous Daily High: 0.9062
    Previous Daily Low: 0.9004
    Previous Weekly High: 0.9065
    Previous Weekly Low: 0.8902
    Previous Monthly High: 0.8932
    Previous Monthly Low: 0.8656
    Previous Daily Fibonacci 38.2%: 0.9026
    Previous Daily Fibonacci 61.8%: 0.904
    Previous Daily Pivot Point S1: 0.8989
    Previous Daily Pivot Point S2: 0.8967
    Previous Daily Pivot Point S3: 0.8931
    Previous Daily Pivot Point R1: 0.9047
    Previous Daily Pivot Point R2: 0.9083
    Previous Daily Pivot Point R3: 0.9105


USD carry is high and is set to rise in 2019 – Danske Bank

According to analysts at Danske Bank, USD carry is high and it is set to rise in 2019 and expects its carry to rise more than priced into forwards at
Read more Previous

The end of crypto currencies? – Commerzbank

Ulrich Leuchtmann, analyst at Commerzbank, points out that the depreciation of crypto currencies accelerated in 2018 and after the realisation that cr
Read more Next
Start livechat