Trade of the Day: EUR/GBP

By: Dima Chernovolov

EUR/GBP recently broke the hourly resistance level 0.8609 which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 5-bar level – which is the result of the five previous price reversals from this price level. EUR/GBP is expected to continue to rise toward the forecast price 0.8637.

As can be seen from the daily EUR/GBP chart below – the pair earlier reversed up from the support area located between the key support level 0.8570 (which has been reversing the price from the start of May) and the lower daily Bollinger Band. The proximity of this support area increases the probability daily EUR/GBP will continue to rise toward the forecast price 0.8637.