EUR/GBP Finds Strong Support at 0.85877, Seem Good to Short If Break Below

EUR/GBP Finds Strong Support at 0.85877, Seem Good to Short If Break Below

11 November 2016, 08:19
Muhammad Syamil Bin Abdullah
0
49

  • EUR/GBP trades a narrow range as we head into the European session.
     
  • Weekly charts have a bearish bias, even though ichimoku charting system still indicates bullish sentiment.  we see scope for further downside.
     
  • Upside finds strong resistance of 0.90118, bullishness only above 23.6% Fib at 0.86963.
     
  • The pair finds major support at 0.85877 SSA border levels which is cloud top and major Senkou Span support.
     
  • Break below could see intermediate support of Kijun sen level at 0.83957, violation there could see 0.83 (38.2% Fib). 
     
  • UK construction output and German inflation data in focus for further impetus.


 

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