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Bear Trigger Remains Exposed

EURGBP TECHS
  • RES 4: 0.8676 High Jan 3
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8593 High Jan 19
  • RES 1: 0.8549/78 20-day EMA / High Feb 20 and key resistance
  • PRICE: 0.8514 @ 06:13 GMT Mar 11
  • SUP 1: 0.8504 Low Mar 08
  • SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8388 Low Aug 17 2023

EURGBP traded sharply lower Friday and the cross cleared minor support at 0.8528, the Feb 23 low. The broader trend direction is down and moving average studies remain in a bear-mode set up. The bear trigger is 0.8493, the Aug 23 low. Clearance of this level would confirm a resumption of the trend and signal scope for 0.8454, a Fibonacci retracement. For bulls, key resistance is unchanged at 0.8578, the Feb 20 high.

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