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The Euro reversal against the British Pound seen on Wednesday, found support at a previous resistance area near 0.8790, and the pair is picking up on Thursday, favoured by an improved market sentiment, returning to levels past 0.8700 with bulls aiming for the resistance area at 0.8745. US President Trump’s softer tone against Europe and his refusal to use military action against a NATO member to take control of Greenland have provided some relief to markets. In the absence of key fundamental releases from the UR or the Eurozone, the improved risk appetite is supporting the Euro against the Cable.  Technical Analysis EUR/GBP found buyers in the 0.8690 area and has returned above 0.8700. Technical indicators are mixed. The Moving Average Convergence Divergence (MACD) remains in negative territory, suggesting a frail bullish momentum, although the Relative Strength Index (RSI), at 57, highlights a moderately positive bias. Bulls should confirm above the previous intraday support, at 0.8710, to attempt a retest of the 0.8745 level, which capped bulls on December 31 and January 21. On the downside, immediate support is at Wednesday’s low of 0.8695 ahead of the ascending trendline support from mid-January lows, now around 0.8685. (The technical analysis of this story was written with the help of an AI tool.) Euro FAQs The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). The European Central Bank (ECB) in…

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Filed under: News - @ January 22, 2026 10:29 am