The EUR/GBP has climbed in early trading this morning, this after finding a groundswell of support yesterday via technical interpretations.

As of this writing the EUR/GBP is trading near the 0.84500 mark with natural gyrations effectively being demonstrated.  The EUR/GBP has traded near lows of 0.84300 earlier today; yesterday’s low for the EUR/GBP currency pair touched approximately the 0.84170 ratio. The active price of the EUR/GBP is now challenging higher marks seen yesterday before the Forex pair stumbled to its lows.

Technical Traders have Reasons to be intrigued by the EUR/GBP

As much as I favor looking at fundamentals and making them part of trading decisions, technical traders of the EUR/GBP have a strong argument that this currency pair moves more according to behavioral sentiment generated by technical perspectives. Long term speculators of the EUR/GBP can look at charts going back many years, and see rather interesting graphical evidence of trends and cycles within. Currently the EUR/GBP is still trading in what can be considered lower depths if a timetable from July of 2016 until now is considered with a range of 0.83000 to 0.90000 getting most of the price action with the occasional outliers.

After Lows of Last Week Touched, the EUR/GBP has Moved Incrementally Higher

Lows of nearly 0.83400 were touched on the 2^nd and 3^rd of August, these marks had last been seen in April this year.  Although there has not been a volatile burst of energy upwards in the past week, encouragingly perhaps for bullish speculators is the notion that incrementally the EUR/GBP appears to be moving upwards.

If the EUR/GBP in the short term can sustain value over the 0.84500 level this could spur on additional buying which believes ‘real’ equilibrium for the currency pair should be higher. While the USD and Federal Reserve drive financial houses crazy as the central bank’s outlook tries to be interpreted. The EUR/GBP exists in a ‘happy place’ somewhat apart from the fixation of the U.S Fed. The EUR/GBP certainly is affected by the BoE and ECB, but both of these central banks have complicated moving parts which are eerily similar regarding their challenges.

• If the EUR/GBP continues to foster support near the 0.84500 level, the currency pair may have a thrust higher to attain near term.
• Technically the EUR/GBP could be perceived as ready to target higher realms seen only yesterday near the 084700 to 0.84850 vicinities.

Traders as always should be cautious and use their risk taking tactics wisely. Speculators should not be overly ambitious because the EUR/GBP has proven to be rather range bound in recent trading, but the notion that upside momentum will occur for the EUR/GBP technically appears appealing for a wager.

EUR/GBP Short-Term Outlook

Current Resistance: 0.84560

Current Support: 0.84270

High Target: 0.84950

Low Target: 0.84004

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LUNA/USD has demonstrated considerable volatility the past five days of trading as it has tested short term lows, erupted higher and then reversed lower again.

LUNA/USD is trading near the 89.7000000 mark as of this writing and is delivering speculators with plenty of trading opportunities as it moves fast and produces rapid changes in value. On the 25^th of April, LUNA/USD was near the 97.50000000 mark, but one day later Terra fell from a seemingly comfortable value above 96.00000000 to nearly 86.90000000 in a handful of hours.

The drop of more than 10% in value in such a short duration certainly caused some speculators pain, while others no doubt profited if they were short sellers at that time. Speculators have a dangerous decision to make now regarding their perceptions on the direction of LUNA/USD. It will be important for traders to use their risk taking tactics wisely. LUNA/USD is near important support, but still maintains a rather attractive price range compared to many of its major cryptocurrency counterparts.

Interestingly, the fall to nearly 86.90000000 on the 26^th of April did not come close to the one month low via technical charts.  A price of nearly 76.00000000 was tested on the 18^th of April; this price was a retest of lows seen in the first week of March. LUNA/USD while correlating to the broad marketplace; is actually still perhaps an outlier and speculators should be cautious with Terra based on this notion.

LUNA/USD can move fast and if support levels near 89.00000000 fail to hold and are proven vulnerable, a quick test of the 88.7500000 to 88.50000000 ratios could be seen.  If short term selling were to build momentum and the 87.00000000 mark were challenged than additional nervous sentiment could develop in LUNA/USD, particularly if long term holders of Terra decide they should cash in some of the profits they have made.

While the broad cryptocurrency market continues to reflect nervousness, LUNA/USD may find itself reacting to this overall weak behavioral sentiment abruptly. The thought of selling LUNA/USD may not appeal to its speculators over the mid-term, but consideration of short and near term prices may be more important for day traders who have enough courage to short Terra.

If LUNA/USD actually climbs and begins to test the 90.00000000 mark in the short term, then it is also logical short term traders may search for quick hitting profits upwards. LUNA/USD has delivered swift results the past week and traders should be extra cautious within its choppy waters.

Terra Short-Term Outlook

Current Resistance: 90.55000000

Current Support: 88.74000000

High Target: 94.9800000

Low Target: 84.93000000