Every week we are looking at which currency pairs are moving and trending. What is worth following right now? We like to name these currency pairs “the star of the week“.
This time we are giving you a technical analysis for a currency pair that we really want to look at, the EURGBP. We will definitely watch this pair very carefully for the next few days.
Are you trading EURGBP?
Why I think EURGBP will be the star of the week
A quick look at the EURGBP currency pair
DAILY this pair made a 292 pip down movement, consolidated and appears to be on the way back up the hill resting just below the .236. The rsi is in the middle but on the way up to the sell zone. This pair should make the .382 at 0.84340 giving 45 pips. It should go on to the .618 at 0.84961 giving 95 pips and if it should reach the .786 at 0.85411 this would give 143 pips.
HOURLY has made a 68 pip movement up and then retraced down 23 pips to rest on the .382 at 0.83949. This should continue down to the .618 at 0.83775 giving 19 pips. The rsi is just below the sell zone and appears to be headed down to the buy zone indicating this pair should reach the .786 at 0.83645 giving 29 pips.
NZD USD in the news
NZD/USD has been trading on a bullish trend since the middle of March,when this pair came back from the dead, following the big crash from the coronavirus outbreak. This forex pair made a strong reversal during the second half of that month and after some slight upward momentum during April and May, the momentum picked up pace in June.FX Leaders think that MAs Keeping NZD/USD Bullish Again This Week
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Was this article helpful for you? What do you think of the USD MXN and EUR JPY currency pairs? I often use Pivot points in my analysis. I have already written an article where I explained in detail how target trading works.
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