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21 Jul 2020

EUR/GBP Price Analysis: Breaks 21-day SMA after EU summit’s welcome deal

  • EUR/GBP extends losses from 0.9049 to attack weekly low.
  • European policymakers agreed for 750 billion Euros of stimulus after five days of tough negotiations.
  • The pair needs to close below 21-day SMA to aim for 0.8990/85 support confluence.
  • The 0.9100 threshold acts as immediate upside barrier.

EUR/GBP stays depressed around 0.9035 during the pre-European trading on Tuesday. The pair seems to have offered a little reaction to the European leaders’ agreement over the much-awaited stimulus package. The reason could be traced from the quote’s inability to justify a 21-day SMA breakdown.

Read: Breaking: EU leaders reach deal on post-pandemic recovery package for economy

Sellers are waiting for a clear downside break below 0.9030 to aim for 0.9000 psychological magnet. However, a joint of 50-day SMA and 38.2% Fibonacci retracement of April-June upside, near 0.8990/85 becomes the tough nut to crack for the bears.

In a case where the sellers keep dominating past-0.8985, the monthly bottom of 0.8938 and 0.8900 round-figures could return to the charts.

Meanwhile, any upside past-0.9100 will recall the bulls targeting to refresh the monthly top near 0.9140. In doing so, June month’s peak near 0.9175 and 0.9200 could become their favorites.

EUR/GBP daily chart

Trend: Pullback expected

 

Jul 21, 2020

French Pres. Macron: The recovery plan is an historic change in Europe

Following the statement by the European Commission President Ursula von der Leyen on the Recovery Fund deal, French President Emmanuel Macron said tha
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Jul 21, 2020

Gold Price Analysis: Acceptance above $1821 is critical for further upside – Confluence Detector

Gold flirts with the critical $1821 barrier, hovering near nine-year highs. The XAU bulls remain poised to extend the upbeat momentum in the day ahead
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