Free Trial

Bulls Need Close Above 55-WMA...>

EURO-STERLING TECHS
EURO-STERLING TECHS: Bulls Need Close Above 55-WMA
*RES 4: Gbp0.8904 Low Mar 8 now resistance 
*RES 3: Gbp0.8879 200-DMA 
*RES 2: Gbp0.8830 55-WMA 
*RES 1: Gbp0.8798 Hourly resistance Apr 30
*PRICE: Gbp0.8775 @ 0430GMT
*SUP 1: Gbp0.8752 Hourly support Apr 27 
*SUP 2: Gbp0.8723 21-DMA 
*SUP 3: Gbp0.8678 Low Apr 26 
*SUP 4: Gbp0.8664 Hourly breakout level Apr 18
*COMMENTARY: Bears take comfort in the aggressive rejection around the 55-WMA to
start the new week but now look for a close below the 21-DMA to shift focus back
to Gbp0.8664-78. The lack of topside follow through has left the pair looking
heavy with bulls now needing a close above Gbp0.8798 to gain breathing room and
above the 55-WMA to shift initial focus to the 200-DMA and overall focus to
Gbp0.8967-81. The Bollinger top (Gbp0.8809) remains a concern.

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.