MACD flashes early signals for sellers – EUR/GBP

 

  • EUR/GBP struggles to keep recovery moves from 0.9100, drops for the fourth day in a row.
  • MACD turns bearish for the first time in three weeks.
  • The short-term symmetrical triangle restricts immediate moves.

EUR / GBP prints small losses of 0.12% while remaining depressed around 0.9110 during the European trading pre-Monday. While a triangle formation since September 9 moves immediate issues of the pair, the MACD bearish signals for the sellers.

Accordingly, a daily close below the triangle support line, currently around 0.9100 is needed to confirm the continued weakness in EUR / GBP.

Thereafter, 50% and 61.8% Fibonacci retracement of early is upside respectively around 0.9075 and 0.9025, might like to bear before 0.8930 and a low monthly 0, 8866.

In a case where the EUR / GBP retains its daily closing above the 21 EMA level 0.91118 days, intraday buyers can target 0.9145 / 50 resistance.

However, a line of downtrend September 11, at 0.9190 now could keep them chained bulls thereafter.

This analysis powered by PipsWin.

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