Market Snapshots

EURGBP Wave Analysis 29 March, 2021

EURGBP Wave Analysis 29 March, 2021

• EURGBP reversed from support area

• Likely to rise to resistance level 0.8640

EURGBP currency pair today reversed up from the support area located between the key support level  0.854 (which has been reversing the price from February) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the previous impulse wave (iii), which belongs to the sharp upward downward impulse wave C from last December.

Given the bullish divergence on the daily Stochastic indicators – EURGBP is likely to rise further toward the next resistance level 0.8640 (top of the previous waves iv and ii).

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