Key Highlights
· The Euro after breaching 0.9000 traded as high as 0.9119 against the British Pound.
· There is a key bullish trend line forming with support at 0.9060 on the 4-hours chart of EUR/GBP.
EUR/GBP Technical Analysis
The past few months were mostly bullish for the Euro as it traded above 0.9000 against the British Pound. The EUR/GBP pair recently traded as high as 0.9119 and currently correcting lower.
Looking at the 4-hours chart of EUR/GBP, there is a key bullish trend line forming with support at 0.9060. The recent failure near 0.9120 was from a connecting resistance trend line.
There is a chance that EUR/GBP might continue to correct lower towards 0.9060. The mentioned 0.9060 is also the 50% Fib retracement level of the last wave from the 0.9007 low to 0.9119 high.
