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Bears Remain In The Driver’s Seat

EURGBP TECHS
  • RES 4: 0.8768 High May 5
  • RES 3: 0.8719 High May 23
  • RES 2: 0.8669 50-day EMA
  • RES 1: 0.8607/8651 High Jun 21 / May 31
  • PRICE: 0.8602 @ 16:46 BST Jun 21
  • SUP 1: 0.8518 Low Jun 19
  • SUP 2: 0.8477 1.0% 10-dma envelope
  • SUP 3: 0.8454 76.4% retracement of the Mar - Sep 2022 bull cycle
  • SUP 4: 0.8408 Low Aug 24 2023

The primary trend direction in EURGBP remains down and last Friday’s break lower confirmed a resumption of the downtrend. Initial firm resistance has been tested at 0.8597, the 20-day EMA. Moving average studies are in a bear-mode condition, highlighting a downtrend. The break of 0.8541, Jun 9 and 12 lows, opens 0.8482, a support based on a moving average envelope study and 0.8454, a Fibonacci retracement.

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