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Bear Trend Extension

EURGBP TECHS
  • RES 4: 0.8768 High May 5
  • RES 3: 0.8719 High May 23
  • RES 2: 0.8685 50-day EMA
  • RES 1: 0.8617/8651 20-day EMA / High May 31
  • PRICE: 0.8525 @ 18:54 BST Jun 16
  • SUP 1: 0.8522 Low Aug 30 2022 and Jun 16
  • SUP 2: 0.8497 1.0% 10-dma envelope
  • SUP 3: 0.8468 3.0% Lower Bollinger Band
  • SUP 4: 0.8454 76.4% retracement of the Mar - Sep 2022 bull cycle

The primary trend direction in EURGBP remains down and Friday’s break lower confirms a resumption of the downtrend. Initial firm resistance is at 0.8617, the 20-day EMA. Moving average studies are in a bear-mode condition, highlighting a downtrend. The break of 0.8541 on Friday, Jun 9 and 12 lows, opens 0.8497, a support based on a moving average envelope study and 0.8454, a Fibonacci retracement.

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