Free Trial

Bullish Impulse Found: *RES.....>

EURO-STERLING TECHS
EURO-STERLING TECHS: Bullish Impulse Found:
*RES 4: 0.9056 50% retracement of Aug 12 - Sep 20 decline
*RES 3: 0.9015 High Sep 9
*RES 2: 0.9000 High Oct 8
*RES 1: 0.8977 100-dma
*PRICE: 0.8975 @ 04:27 GMT Oct 9
*SUP 1: 0.8902 Low Oct 7
*SUP 2: 0.8852 Former channel resistance-now-support
*SUP 3: 0.8832 Low Sep 30 and 200-dma
*SUP 4: 0.8803 Low Sep 25
EURGBP broke higher Tuesday, topping out just ahead of the 0.9000 handle. The
bear channel breakout has been confirmed and this bodes well for bulls. Further
confirmation will be provided on a close above the 100-dma at 0.8977, which
appears likely should current momentum be sustained. This would open the Sep 9
high at 0.9015. An extension would open 0.9147, Sep 3 high and the 0.9056
retracement. The former channel-resistance-now-support is at 0.8852.

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.