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Weekly chart shows downside sloping risks

  • The euro weakened after the European Central Bank meeting.
  • EUR / GBP is having the worst week in a month, after failing to stay above 0.8600.
  • Risks continue to favor the pound, but strong support emerges around 0.8450.

EUR / GBP fell to 0.8519 on Friday, the lowest level in three weeks, before rebounding above 0.8530. The area around 0.8530 is the key short-term support, with a consolidation below that area opening the doors to 0.8505.

The weekly chart shows that the euro is again rejected above the 0.8600 surface and also the 20-week moving average. The bias continues to favor the decline. Below 0.8500 the downward pressure could increase, exposing the 0.8450 zone. The area around 0.8470 is a strong barrier.

To the upside, a weekly close clearly above 0.8600 should strengthen the outlook for the euro, pointing to further gains, initially targeting levels above 0.8700.

EUR/GBP Weekly Chart

EUR/GBP

Overview
Today last price 0.8538
Today’s Daily Change -0.0010
Today daily change% -0.12
Today they open every day 0.8548
Trends
Daily SMA20 0.8562
SMA50 daily 0.8549
SMA100 daily 0.8583
SMA200 daily 0.8686
Levels
Previous Daily High 0.8588
Previous Daily Low 0.8524
Previous weekly high 0.8603
Previous Weekly Low 0.8562
Previous monthly maximum 0.8599
Previous Monthly Low 0.845
Daily Fibonacci 38.2% 0.8549
Daily Fibonacci 61.8% 0.8564
Daily Pivot Point S1 0.8518
S2 daily pivot point 0.8489
S3 Daily Pivot Point 0.8453
R1 daily pivot point 0.8583
Daily pivot point R2 0.8618
R3 daily pivot point 0.8648

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