Where the euro bears at?
EUR/GBP has gained enough bullish momentum to possibly hit a long-term resistance zone!
Will the pair get rejected in the area? Or will we see new monthly highs for the pair?
EUR/GBP: Daily
EUR/GBP Daily Forex Chart by TV
If you’re not feeling like trading USD-related pairs today, then you’re in luck.
We’ve got our eyes on EUR/GBP today!
As you can see, the pair has been having a GREAT September, rising from its .8500 support levels all the way to its current prices near .8670.Before you buy more euros against the British pound, you should note that EUR/GBP is almost at .8700 that’s been an area of interest for the bulls and bears since May this year.
A retest of the .8700 psychological handle this time would also mean retesting the top of a months-long range and flirting with the daily chart’s 200 SMA resistance.
Today’s Eurozone and U.K. PMI releases should make things interesting for EUR/GBP buyers and sellers.
Concerns over the Eurozone’s growth or stronger U.K. PMI reads could force a rejection at .8700 and take EUR/GBP back down to its .8600 mid-range levels.
But if today’s events fail to change the tides for either EUR or GBP, then EUR/GBP could maintain its momentum and break its resistance zone to test higher areas of interest like .8800 or even .8850.
