Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 12-SEP-2022

EUR/GBP Daily Analysis

EUR/JPY’s rally resumed after a brief retreat and intraday bias is back on the upside. A decisive break of 61.8% projection of 124.37 to 144.26 from 133.38 at 145.67 will pave the way to 149.76 long-term resistance, and then 100% projection at 153.27. On the downside, below 142.62 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.

In the bigger picture, the up trend from 114.42 (2020 low) is seen as the third leg of the pattern from 109.30 (2016 low). The next target is 149.76 (2015 high). For now, the outlook will remain bullish as long as 133.38 support holds, even in case of a deep pullback.

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