EUR/GBP eyes range breakout as momentum builds – Société Générale
Source Fxstreet
EUR/GBP is testing the top of its multi-month range, with momentum still tilted higher. Holding above the 50-DMA at 0.8670 would keep the uptrend intact, targeting 0.8765 and potentially 0.8810/0.8825, Société Générale's FX analysts note.
Support at 0.8670 key for EUR/GBP upside
"EUR/GBP is probing the upper limit of its multi-month range. Daily MACD remains anchored within positive territory highlighting prevalence of upward momentum. If a brief pullback develops, the 50-DMA at 0.8670 could be first layer of support."
"Defence of this moving average may result in persistence of up move. The next objectives could be located at November 2023 high of 0.8765 and projections near 0.8810/0.8825."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Silver remains bid on US Dollar weakness, at 4-year highs, near $47.00.
Gold (XAU/USD) continues scaling new record highs during the Asian session on Tuesday and climbs beyond the $3,250 level amid a supportive fundamental backdrop.
The US Dollar Index (DXY) is remaining subdued for the third successive session and trading around 97.90 during the Asian hours on Tuesday.
With broader sentiment worsening, user demand falling across the Ethereum network, and institutional investors pulling back, the coin faces mounting headwinds in October.
Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) remain muted as the broader cryptocurrency market recovers.
Related Instrument
