Categories: Technical analysis

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).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: EURGBP

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