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5 Nov 2019
EUR/GBP technical analysis: Euro bears eyeing a break below the 0.8600 handle
- EUR/GBP is at daily lows as EUR is on the back foot across the board.
- The level to beat for bears is the 0.8600 figure.
EUR/GBP daily chart
On the daily chart, EUR/GBP is trading in a bear trend below the main daily simple moving averages (DMAs). Over the last weeks of trading, the optimism of a Brexit deal drove the spot near the 0.8600 figure. This Tuesday, the EUR is losing ground against most currencies.
EUR/GBP four-hour chart
EUR/GBP is trading below its main SMAs, on the four-hour chart, suggesting a bearish bias in the medium term. A daily close below the 0.8575 support level would likely lead the spot to the 0.8500 round number on the way down, according to the Technical Confluences Indicator.
EUR/GBP 30-minute chart
EUR/GBP is ranging, trading currently below its main SMAs. The market found some support at the 0.8600 handle. A break below it can lead to 0.8570 and the 0.8500 figure. Resistance is seen at 0.8626 and 0.8650 price levels.
Additional key levels