Currency pair Euro Pound EUR/GBP continues to move as part of the fall and the downward channel. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have gone down from the area between the signal lines, which indicates pressure from sellers of the European currency against the British pound and a potential continuation of the fall from current levels. At the time of the publication of the forecast, the Euro against the Pound is 0.8283. As part of the Forex forecast EUR/GBP for March 4, 2022, we should expect an attempt to develop a bullish correction and test the support level near the area of 0.8345. Further, a rebound down and the continuation of the fall of the Euro Pound currency pair. The potential target of such a movement in Forex is the area below the level of 0.8195.
EUR/GBP Forecast Euro Pound March 4, 2022
An additional signal in favor of falling EUR/GBP currency quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling quotes of the Euro Pound currency pair will be a strong growth and a breakdown of the level of 0.8405. This will indicate a breakdown of the resistance area and continued rise of the instrument to the area at the level of 0.8525. It is worth waiting for confirmation of the fall in the EUR/GBP currency pair with a breakdown of the support area and closing prices below the level of 0.8215, which will indicate a breakdown of the lower border of the downward channel.
EUR/GBP Forecast Euro Pound March 4, 2022 assumes the development of a correction and a test of the resistance area near the level of 0.8345. Where should we expect a rebound and an attempt to continue the fall of the pair to the area below the level of 0.8195. In favor of the fall of the currency pair, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the option to reduce the EUR/GBP currency pair will be a strong growth in quotes and a breakdown of the level of 0.8405. This will indicate a breakdown of the resistance area and a continuation of the rise of the currency pair on Forex to the area above the level of 0.8525.
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