Free Trial

Bullish Breakout *RES 4:........>

EURO-STERLING TECHS
EURO-STERLING TECHS: Bullish Breakout
*RES 4: 0.8988 38.2% Fib retracement of March-April decline
*RES 3: 0.8972 High Mar 31
*RES 2: 0.8911 High Apr 1
*RES 1: 0.8878 High May 13
*PRICE: 0.8848 @ 05:33 BST May 15
*SUP 1: 0.8759 Low May 12
*SUP 2: 0.8691 Low May 01 / 05
*SUP 3: 0.8671 Low Apr 30 and bear trigger
*SUP 4: 0.8657 Low Mar 9
EURGBP this week probed the 0.8865 resistance, Apr 7 high and the top of the
range the cross has been trading within since early April. Continued follow
through would confirm a range breakout and also a likely reversal of the decline
since Mar 19. Note too that a clear break would also highlight a move above the
50-dma and the 23.6% retracement of the March-April decline. This would open
0.8911, Apr 1 high and 0.8972, Mar 31 high. 0.8759 is support.

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.