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EUR/GBP: The buyers to keep an eye at a key level

EagleFX

EUR/GBP produced a bullish engulfing candle on the daily chart yesterday. Intraday charts show that the price has been in a bearish correction. The buyers may wait for the price to go long in the pair upon finding support and bullish reversal candle on the respective charts. The H1 and the H4, these two major intraday charts, look good for the bull. Thus, the pair may continue its journey towards the North today as well. Let us now have a look at those three charts.

Chart 1 EUR/GBP Daily Chart


The chart shows that the price made a bullish move and made a breakout at the level of 0.89970. The price had a rejection at the level of 0.91600 and produced several bearish candles. However, the price had a bounce at the level of 0.89970 and produced a bullish engulfing candle yesterday. Since this is a key level, thus a bullish engulfing candle may push the price towards the North. The price may find its next resistance around 0.91600.

Chart 2 EUR/GBP H4 Chart


The chart shows that the price headed towards the North and had a rejection at the level of 0.90700. It may make a bearish correction. The level of 0.90280 may work as a level of support. If the level produces a bullish reversal candle, the buyers may go long above the level of 0.90700. The price may find its next resistance around the level of 0.91000. If the price makes a breakout at the level of 0.90280, it may head towards the level of 0.90000.

Chart 3 EUR/GBP H1 Chart


The chart shows that the price headed towards the North and made a breakout at the level of 0.90370. The price consolidated and resumed its bullish move. It then had a rejection at the level of 0.90650. Since then, the price has been in a bearish correction. It may come at the level of 0.90370 again. If it produces a bullish reversal candle, the buyers may go long in the pair and push the price towards the North. The price may find its next resistance around 0.90800. On the contrary, if the price makes a breakout at 0.90370, it may find its support around 0.90000.

The H4 and the H1 chart both are bullish biased. However, the level of 0.90000 may play a significant role in determining its next route if the breakout level is breached. Considering these three charts, it seems that the pair may end up producing a bullish daily candle.

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