EURGBP on the edge, saved by ECB.
“Euro in bid following ECB’s decision, supporting EURGBP from sinking into the oblivion.”
Euro receives higher demand in the market, buoyed by interest rate decision from European Central Bank (ECB). Yesterday, ECB announced to raise interest rates by 0.75%, its biggest rate hike in more than a decade. At the same time, they also signaled to increase continuously for “several upcoming meeting” as inflation remains sticky.
Quick recap on EURGBP
The pair losses its bullish momentum drastically, slumping through several key supports as bears picks up its momentum.
EURGBP Weekly Technical Analysis
While MACD shows diminished bullish momentum, the pair remains supported by the 200-MA line.
EURGBP Daily Technical Analysis
From daily perspective, the pair may seem weak on paper but 0.8510 may be the last saving grace.
ORDER: BUY LIMIT
STOP LOSS: 0.8500
Target 1: 0.8700
Target 2: 0.8770
ZFX Analyst’s Comment
As the pair tested near 0.8510 for several occasions, we expect bulls to regain its momentum for yet another cycle.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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