Forex analytics and overview

EUR/GBP Indecisive

2022.05.04 15:31

EUR/GBP traded lower on Wednesday after hitting resistance at 0.8435. However, the pair continues to trade above the upside support line drawn from the low of Apr. 14, which keeps the chances of a rebound alive. There is also another shorter-term line, a downside one, drawn from the high of Apr. 26, and thus, as long as the pair trades between those two diagonal lines, we will hold a flat stance.

We will get more confident about the upside upon a break above 0.8435. This may confirm the break above the short-term downside line taken from the high of Apr. 26 and allow advances towards that peak, at around 0.8465. If the bulls are unwilling to stop there, then a higher break could carry larger bullish implications, perhaps paving the way towards the high of Mar. 31, at 0.8512.

Looking at our short-term oscillators, we see that the RSI, although above 50, turned down and got back near that equilibrium line, while the MACD lies near both the zero and trigger lines, pointing sideways. In our view, this points to a lack of directional momentum and adds more credence to our choice of standing pat for now.

On the downside, we would like to see an apparent dip below 0.8370 before examining the bearish case. The rate will already be below the upside line drawn from the low of Apr. 14, and it will also confirm a forthcoming lower low on both the 4-hour and daily charts.

The bears may then get encouraged to dive towards the low of Apr. 22, at 0.8310, the break could extend the fall towards the 0.8280 zone, near the lows of Apr. 19 and 20.EUR/GBP IndecisiveEUR/GBP 4-hour chart technical analysis.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,702.45 4.51%
ethereum
Ethereum (ETH) $ 3,489.40 2.68%
tether
Tether (USDT) $ 0.999911 0.08%
xrp
XRP (XRP) $ 2.31 3.06%
bnb
BNB (BNB) $ 697.29 1.10%
solana
Solana (SOL) $ 196.84 4.12%
dogecoin
Dogecoin (DOGE) $ 0.336106 4.17%
usd-coin
USDC (USDC) $ 1.00 0.07%
staked-ether
Lido Staked Ether (STETH) $ 3,485.96 2.69%
cardano
Cardano (ADA) $ 0.933269 1.31%
tron
TRON (TRX) $ 0.25615 1.66%
avalanche-2
Avalanche (AVAX) $ 41.05 5.47%
chainlink
Chainlink (LINK) $ 25.32 3.70%
the-open-network
Toncoin (TON) $ 5.81 4.07%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,148.32 2.56%
shiba-inu
Shiba Inu (SHIB) $ 0.000024 5.26%
sui
Sui (SUI) $ 4.59 2.18%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,478.39 4.55%
hedera-hashgraph
Hedera (HBAR) $ 0.329152 12.58%
stellar
Stellar (XLM) $ 0.400501 8.72%
polkadot
Polkadot (DOT) $ 7.55 2.97%
hyperliquid
Hyperliquid (HYPE) $ 29.97 5.36%
weth
WETH (WETH) $ 3,489.37 2.66%
bitcoin-cash
Bitcoin Cash (BCH) $ 469.69 2.63%
leo-token
LEO Token (LEO) $ 9.50 1.76%
uniswap
Uniswap (UNI) $ 14.51 2.42%
litecoin
Litecoin (LTC) $ 108.04 1.67%
pepe
Pepe (PEPE) $ 0.000019 4.82%
bitget-token
Bitget Token (BGB) $ 4.98 17.85%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,685.91 2.60%
near
NEAR Protocol (NEAR) $ 5.55 2.02%
ethena-usde
Ethena USDe (USDE) $ 0.999704 0.12%
aave
Aave (AAVE) $ 373.81 3.09%
aptos
Aptos (APT) $ 9.78 2.26%
internet-computer
Internet Computer (ICP) $ 11.30 5.15%
usds
USDS (USDS) $ 1.00 0.12%
crypto-com-chain
Cronos (CRO) $ 0.163268 1.12%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.526642 5.56%
vechain
VeChain (VET) $ 0.052844 9.21%
ethereum-classic
Ethereum Classic (ETC) $ 27.88 1.78%
mantle
Mantle (MNT) $ 1.24 3.32%
render-token
Render (RENDER) $ 7.80 2.51%
bittensor
Bittensor (TAO) $ 501.47 4.17%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.39 1.94%
mantra-dao
MANTRA (OM) $ 3.81 1.14%
whitebit
WhiteBIT Coin (WBT) $ 24.94 2.34%
monero
Monero (XMR) $ 189.65 0.08%
arbitrum
Arbitrum (ARB) $ 0.816142 2.67%
dai
Dai (DAI) $ 1.00 0.02%
filecoin
Filecoin (FIL) $ 5.45 5.34%