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Breaching The 100 DMA
- RES 4: 0.8670 High Jul 20 and key resistance
- RES 3: 0.8659 High Jul 21
- RES 2: 0.8618 76.4% retracement of the Jul 20 - Aug 10 sell-off
- RES 1: 0.8603 High Sep 01
- PRICE: 0.8595 @ 06:21 BST Sep 2
- SUP 1: 0.8543 Low Aug 24
- SUP 2: 0.8506 Low Jul 19
- SUP 3: 0.8484 Low Aug 16
- SUP 4: 0.8450 Low Aug 10 and a key support
EURGBP maintains a positive S/T tone and traded higher Wednesday. The cross continues to pull away from the 20- and 50-day EMAs breached recently. Note that the cross has also progressed through the 100-dma at 0.8588. A break of this average strengthens a bullish case and opens 0.8618 next, a Fibonacci retracement. On the downside, key support has been defined at 0.8543, Aug 24 low. A break would signal a reversal to bearish.
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Why MNI
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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.