Euro's Outlook Darkens On Dovish ECB, Geopolitical Risks EUR/USD, EUR/GBP


(MENAFN- DailyFX) k Darkens on Dovish ECB, Geopolitical Risks – EUR/USD, EUR/GBP Skip to Content News & Analysis at your fingertips.

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Change in Longs Shorts OI
Daily 4% -24% -6%
Weekly 17% -42% -9%
What does it mean for price action? Get My Guide EUR/GBP FORECAST - TECHNICAL ANALYSIS

EUR/GBP dropped moderately this week, but downside momentum faded heading into the weekend as the pair found support at 0.8525 and began to move higher off its weekly lows. If the nascent recovery continues over the next few days, resistance appears at 0.8550 near the 50-day simple moving average. Looking higher, the spotlight will be on trendline resistance at 0.8575, followed by 0.8600.

Alternatively, if bears mount a comeback and EUR/GBP resumes its downward journey, support looms at 0.8525, which represents the late March swing lows. Bulls must strive to maintain prices above this technical area to prevent a breakdown; otherwise, sellers could seize the opportunity to launch a bearish assault on the 2023 lows.

EUR/GBP PRICE ACTION CHART

EUR/GBP Char Creating Using TradingView

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