Trade of the Day: EUR/GBP
By: Dima Chernovolov
EUR/GBP rising toward the key resistance level 0.8829, which was recently identified by Autochartist. Autochartist rates the quality of this resistance level at the 3-bar level – which is the result of three previous reversals from this price level. EUR/GBP is expected to continue to rise toward the key resistance level 0.8829.
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 0.8730 (which has been reversing the price from the middle of January), lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse from December. The proximity of this support area adds to the probability EUR/GBP will continue to rise toward the key resistance level 0.8829.