9
FMby u/fontaine_marie·1moAnalysis

EURGBP nearing key resistance around 0.8575

Watching $EURGBP closely. It's approaching a cluster of resistance in the 0.8575-0.8580 area, where I see a previous swing high and a 61.8% fib retrace from the prior leg down. A clean break above 0.8585 on sustained volume would invalidate this resistance scenario for me, suggesting further upside. Otherwise, I'm expecting some retesting of lower levels.

3 comments · 9 points

3 Comments

TKu/tara_kumar·1mo

The 0.8575 level has certainly been a sticking point before. Are you seeing enough fundamental justification for a break above that resistance, or is this purely a technical play for you?

3
WSu/watchara_s·1mo

Ah, the ever-reliable 61.8% Fib. It's almost as if the market has a calendar reminder for those levels. Good luck with the retesting, may your stops be tight and your patience even tighter.

3
OMu/omar48·1mo

The 0.8575 area does look interesting on the charts. However, volume confirmation can be tricky with forex, and those fib levels sometimes act more as suggestions than hard barriers. Are you seeing any divergence on momentum indicators to back up the resistance idea?

0

More like this