- EUR/GBP fell to multi-week lows, hit 0.7196, levels not seen since Aug 21st 2015
- EUR continues to be sold across the board from Europe open, furthering downside in the pair
- Contrasting BoE/ECB monetary policy outlooks weigh, Volkswagen woes are another EUR-negative
- Volkswagen shares fall nearly 20 pct; market cap down 14 bln euros, as U.S. widens probe on emissions scandal
- EUR/GBP has edged higher, paring some losses and is currently trading at 0.7214, with immediate support at 0.7196 (session low Sept 22) and then at 0.7179 (100 DMA)
- Downside is beginning to look overstretched, stochs on 4-hour charts are closing in on oversold levels
- Short-term bounce back is likely, good to buy dips around 0.7210, SL: 0.7180, TP: 0.7250
Resistance Levels:R1: 0.7285 (Daily High Sept 21)R2: 0.7295 (10 DMA)R3: 0.7307 (200 DMA)Support Levels: S1: 0.7211 (Hourly Low Sept 22)S2: 0.7179 (100 DMA)S3: 0.7177 (61.8% of 0.7027 – 0.7421)
The material has been provided by InstaForex Company – www.instaforex.com