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Approaching Trendline Resistance

EURGBP TECHS
  • RES 4: 0.8925 High Mar 7
  • RES 3: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
  • RES 2: 0.8880 61.8 retracement of the Feb 3 - Mar 15 bear leg
  • RES 1: 0.8872 Intraday high
  • PRICE: 0.8854 @ 06:21 BST Apr 17
  • SUP 1: 0.8801 20-day EMA
  • SUP 2: 0.8763/8729 Low Apr 11 / 4
  • SUP 3: 0.8719 Low Mar 15 and key support
  • SUP 4: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg

EURGBP traded higher Friday, reinforcing current bullish conditions. The cross has breached resistance at 0.8853, a trendline drawn from the Feb 3 high. The cross has also pierced 0.8866, the Mar 23 high - a clear break of this level would signal scope for a climb towards 0.8880, a Fibonacci retracement. On the downside, key support lies at 0.8719, the Mar 15 low. A break would be bearish. Initial firm support lies at 0.8801, the 20-day EMA.

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