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Free AccessBearish Trend Conditions Dominate
- RES 4: 0.9093 High Dec 29
- RES 3: 0.9085 High Jan 6
- RES 2: 0.8955/96 50-day EMA / High Jan 12
- RES 1: 0.8900/25 20-day EMA / High Jan 18 and key resistance
- PRICE: 0.8816 @ 16:17 GMT Feb 2
- SUP 1: 0.8796 Low Feb 2
- SUP 2: 0.8773 1.0% 10-dma envelope
- SUP 3: 0.8759 Low May 12, 2020
- SUP 4: 0.8684 2.0% 10-dma envelope
EURGBP printed lower lows Tuesday, reaffirming the bearish case as the cross printed a new 2021 low. Further weakness is seen likely with the 0.8800 handle giving way, turning focus to 0.8759, the May 12 low from last year. Moving average studies are also pointing south reinforcing current trend conditions. On the upside, a firm resistance has been defined at 0.8925, the Jan 18 high where a break is still required to ease the bearish pressure.
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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.