Category: Forex News

EUR/GBP Forecast Today – 03/04: Euro Set for Support (Chart)

By Published On: April 11, 20242.2 min readViews: 1260 Comments on EUR/GBP Forecast Today – 03/04: Euro Set for Support (Chart)

Euro gains; EUR/GBP at key support. Value hunters eye 0.85 level, with potential swing trade opportunities. Technicals point to support at 0.85, resistance at 0.86.
  • Euro traders have seen the currency rally a bit during the training session on Tuesday, across the board.
  • Ultimately, one pair that I’m watching very closely as the EUR/GBP pair, due to the fact that it is at a region that is massive support, so therefore we need to pay close attention to it.
  • With that being said, you need to think about this through the prism of finding value, as the 0.85 level underneath has been crucial for longer-term traders.

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Looking at this chart, the 50-Day EMA suggests that there is a certain amount of support in this general vicinity, and of course we have the 200-Day EMA above is a very resistant level, near the 0.86 level. In general, this is a market that I think continues to see a lot of choppy volatility, but this could be setting up for a bigger move. Because of this, the market is likely to continue to see value hunters come in and try to deal with the support level, as longer-term traders may be looking for a bit of a swing trade.

Initially, the market did fall during the trading session on Tuesday, only to turn around and show signs of life. Ultimately, this is a market that I think it will probably continue to be noisy, but it certainly looks like we have a lot of support at that 0.85 level. The 0.85 level is likely to continue to offer a bit of a “floor the market”, and if we were to turn her in the breakdown below there, it would be absolutely horrific for the Euro itself.

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If we can break above the 200-Day EMA above, then it opens up the possibility of a move to the 0.8750 above, which is an area that has offered a significant amount of resistance, and therefore it’s likely that we could see traders target for that move. If we were to break above there, then it really could set a precedent for much higher rates. That being said, keep in mind this market is very choppy, due to the fact that the 2 economies are so heavily intertwined.

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