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Trend Needle Still Points South


US-ASEAN Summit Concludes


Risk-On Sentiment Dominates


Clears Key Support

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Bullish Engulfing Candle

  • RES 4: 0.8705 High Mar 1
  • RES 3: 0.8668 High Mar 3
  • RES 2: 0.8646/54 High Mar 24 and S/T reversal trigger / 50-day EMA
  • RES 1: 0.8593 Intraday high
  • PRICE: 0.8584 @ 06:11 GMT Apr 7
  • SUP 1: 0.8472 Low Apr 5 and the bear trigger
  • SUP 2: 0.8453 3.0% Lower Bollinger Band
  • SUP 3: 0.8430 Low Feb 27, 2020
  • SUP 4: 0.8356 Low Feb 26

EURGBP bounced Tuesday and ended the session on a firm note, closing at the high. In pattern terms, yesterday is a bullish engulfing candle and if correct, a signal the cross has entered a corrective cycle. Key support has been defined at 0.8472, Apr 5 low where a break is required to resume the underlying downtrend. Short-term gains would signal scope for a test of key resistance at 0.8646, Mar 24 high and the 50-day EMA at 0.8654.

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