Technical analysis

EURGBP Wave Analysis 10 March, 2021

EURGBP Wave Analysis 10 March, 2021

• EURGBP reversed from support area

• Likely to reach resistance level 0.8650

EURGBP recently reversed up from the support area surrounding the strong support level 0.8550 (which reversed the price with the daily Hammer at the end of February).

The support zone near the support level 0.8550 was strengthened by the lower daily Bollinger Band.

Given the strength of the support level 0.8550 and the bullish divergence on the daily Stochastic indicator EURGBP is likely to rise further toward the next resistance level 0.8650.

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