EUR/GBP Bearish Momentum – Eyes on Support Zone!📊 EUR/GBP Daily Chart Analysis (28th Jan 2025)
🔹 Overview:
Pair: EUR/GBP
Current Price: 0.83855 📉 (-0.10%)
Key Indicators:
200 EMA (Red Line): 0.84129 (Price is below the EMA, indicating bearish sentiment)
Resistance Zone (🟠 Orange Box): ~0.84200 - 0.84400
Support Zone (🟢 Green Box): ~0.83200 - 0.83400
🔻 Bearish Outlook:
Price recently rejected the resistance zone and started declining.
It is now trading below the 200 EMA, suggesting potential further downside.
Next Target: The support zone (~0.83200 - 0.83400) is likely the next major level.
📉 Possible Scenarios:
1️⃣ Bearish Continuation ⬇️
If the price maintains momentum, it may head toward the support zone (~0.83200).
A break below support could trigger further downside.
2️⃣ Bullish Rebound 🔄
If the price finds strong buying interest at support, a rebound toward the resistance (~0.84200) is possible.
A breakout above 200 EMA could shift momentum back to bullish.
🎯 Trading Considerations:
Short Opportunity: Below 0.83800, targeting 0.83400.
Long Opportunity: If support holds around 0.83200, aiming for a move back to resistance.
Breakout Watch: A move above 0.84200 could trigger bullish momentum.
🔥 Conclusion: Currently, the trend is bearish, and price action suggests further downside toward the support zone. Keep an eye on price behavior around 0.83400 for potential reactions.
