EUR-GBP : The prices are at interesting levels
Date of analysis 29 November 17
Opinion Short Term Positive
Resistance 1 0.91GBP
Support 1 0.87GBP
Opinion Mid Term Bullish
Support 2 0.86GBP
Resistance 2 0.92GBP
Above 0.87 GBP the major trend remains bullish. 0.91 GBP and 0.92 GBP are in the line of sight. The breaking of 0.87 GBP would cancel this anticipation and favor a correction toward 0.86 GBP.
The MACD is positive and above its signal line. This configuration confirms the sound positioning of the cross. Moreover, the relative strength indicator, the RSI, is not contradicting this hypothesis. The Stochastics are not overbought, which leaves the bullish potential intact in the medium term. The volumes traded are more than the average volumes over the last 10 days.
MOVEMENTS AND LEVELS
After a recent high at 0.9 GBP the cross corrected towards the 50-day moving average 0.89: the price reaction on this level allows us to envisage a continuation of this movement in the medium term. The first buy points (or short-term supports) are at 0.87 GBP and 0.86 GBP. The resistances are at 0.91 GBP and 0.92 GBP.