Resistance level 0.7115, 0.7158, 0.7194 Pivot Level 0.7022 Support Level 0.6984 Technical Analysis EUR/GBP is looking for consolidation pattern from
Resistance level 0.7115, 0.7158, 0.7194
Pivot Level 0.7022
Support Level 0.6984
Weekly Technical Outlook: EUR/GBP ;Market Forecasts for November 31st – December 4th
Technical Analysis
EUR/GBP is looking for consolidation pattern from 0.6984 levels and is still in progress with strong support holding the levels intact. The price action produced strong bullish two bar reversal candle indicating a shift in momentum to an upside bias with the pair closing above trend line.
The pair looks for a corrective upward bias with price action confirming the bullish movement. Medium term rally is still in progress from the bottom of ranging market. A sustained trading above 0.7022 will confirm strong long term momentum. This will remain a favorite case as long as support holds and would pave the way to reach level at 0.7115. A break here could expect levels of 0.7158 and later to 0.7194.
Meanwhile, we’re uncertain on the time need to complete the consolidation and the strength of the rebound. But in any case, a break of 0.6984 levels will dampen our bullish view on the pair and should continue with the current momentum to downside and make new lower low.
Outlook remains bullish for the week.
Economic
Market Manufacturing PMI for the Euro, Unemployment Rate
Consumer Price Index, Producer Price Index, Market Service PMI
ECB Rate Decision, ECB Monetary Policy Statement and Press Conference
Financial Stability Report, Market Manufacturing PMI for the UK
PMI Construction
Area of Interest
Strong support at 0.6984 area and close above the trend line.
Bullish Two bar reversal strongly holding the support area.
Price action closed above support level and above trend line indicating shift in momentum.
At Flip Area on Daily time frame supporting levels.
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