EUR/GBP: Near Weekly Support Zone
AvaTrade | Mar 05, 2015 07:58AM ET
The EUR/GBP is firmly trading below its downward trend line on a weekly time frame. The pair has pierced the Bollinger band and this piercing is taking place at an important level of support. The piercing of the Bollinger band only has importance when this takes place at an important level of support/resistance zone because it has ability to push the price back up/down or stop the current trend and make it stall. The pair is also trading far enough from its 20 day moving average which means that the volatility stays high.
The MACD and the RSI are both trading near the oversold zone and this means that the reversal could be on the card.
Important Zone
0.7080- 0.7246 Support
0.8242-0.837 Resistance
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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