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Firmer below key resistance area

  • EUR/GBP posts mild gains following Friday’s bullish candlestick formation.
  • 61.8% Fibonacci retracement and 50/200-day SMA restrict immediate upside.

While justifying Friday’s bullish Doji, EUR/GBP rises 0.14% to 0.8711 ahead of the European open on Monday.

Even so, the pair stays below 0.8740/50 resistance confluence comprising 50-day and 200-day SMA as well as 61.8% Fibonacci retracement level of February-March upside.

Hence, the current recovery moves are less likely to last longer unless providing a daily closing beyond 0.8750, which if happens could aim for April 07 top near 0.8865.

Alternatively, the pair’s declines below 0.8680 immediate support can divert sellers towards a 100-day SMA level near 0.8615 ahead of early-February high close to 0.8540.

EUR/GBP daily chart

Trend: Sideways

 

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