Free Trial

Bearish Threat Still Present

EURGBP TECHS
  • RES 4: 0.8762 1.00 proj of the Apr 14 - May 12 - 17 price swing
  • RES 3: 0.8721 High May 26 2021 and Jun 15 / bull trigger
  • RES 2: 0.8627/79 High Jul 4 / High Jul 1
  • RES 1: 0.8530 50-day EMA
  • PRICE: 0.8482 @ 15:51 BST Jul 11
  • SUP 1: 0.8441 Low Jul 8
  • SUP 2: 0.8393 Low May 17 and a key support
  • SUP 3: 0.8367 Low May 2
  • SUP 4: 0.8313 Low Apr 22

EURGBP traded sharply lower on Jul 7 and in the process, cleared a key support area around the 50-day EMA. The move lower reverses a recent bullish theme and short-term bearish conditions suggest scope for a deeper retracement. Potential is seen for a move towards support at 0.8393, the May 17 low. On the upside, initial resistance is seen at 0.8530, the 50-day EMA. A clear break of this EMA is required to ease the current bearish threat.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.