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Bear Cycle Remains In Play

EURGBP TECHS
  • RES 4: 0.8979 High Feb 3 and the bull trigger
  • RES 3: 0.8929 High Feb 17
  • RES 2: 0.8887 High Feb 21
  • RES 1: 0.8835 20-day EMA
  • PRICE: 0.8758 @ 16:23 GMT Feb 28
  • SUP 1: 0.8755 Low Feb 28
  • SUP 2: 0.8751 100-dma
  • SUP 3: 0.8722 Low Jan 19 and a key support
  • SUP 4: 0.8649 76.4% retracement of the Dec 1 - Feb 3 upleg

EURGBP traded lower Tuesday but did recover from its session low. The cross remains vulnerable. Price has recently cleared both the 20- and 50-day EMAs, reinforcing a bearish threat. A continuation lower would open 0.8751, the 100-dma ahead of key support at 0.8722, the Jan 19 low. On the upside, initial resistance is at 0.8835, the 20-day EMA. A clear break of this level would ease the current bearish threat.

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