EURGBP Technical Analysis – April 08, 2021

The Euro-Pound rose on Wednesday and the technical bias is bullish due to higher highs in the recent uptrend.

Euro-Pound is currently trading near 0.86400, and multiple resistance levels can be seen above it. It is necessary to observe whether the price rise can break through these prices.

  • Resistance Level 1: 0.86750
  • Resistance Level 2: 0.87320
  • Resistance Level 3: 0.88600

Below the price, multiple support levels can be found, and these price levels may have a supporting effect on the price of Euro-Pound, thereby preventing a decline.

  • Support level 1: 0.86050
  • Support level 2: 0.85350
  • Support level 3: 0.84700

In terms of data, the Euro Zone will announce its February PPI data today. The data will be used to observe the inflation level in the Euro Zone and is an important economic indicator. The higher the data indicates, the more beneficial it is for the Euro, so it is bullish for the Euro-Pound currency pair and vise versa.

In conclusion, given the current price trends and economic development, buying the Euro-Pound currency pair at the current level may be a good trading choice.