Free Trial

EURGBP: Down but not out: *RES 4:.....>

EURO-STERLING
EURO-STERLING: EURGBP: Down but not out:
*RES 4: 0.9092 High Jan 3 and major resistance
*RES 3: 0.9061 High Jan 11
*RES 2: 0.9000 Psychological round number
*RES 1: 0.8974 High Jun 18
*PRICE: 0.8911 @ 04:24 GMT June 19
*SUP 1: 0.8903 Trendline support drawn off May 21 low
*SUP 2: 0.8871 Low May 12
*SUP 3: 0.8861 20-day EMA
*SUP 4: 0.8827 Low Jun 6
Draghi's dovish tones left a mark Tuesday, with EURGBP closing back below
0.8950. At this stage, calling for a bearish reversal looks premature for now.
The broader themes remain intact, however the outlook will worsen if trendline
support at 0.8903 is breached. Note that in candlestick terms, yesterday's price
action is a dark cloud cover. This is a bearish pattern however will only become
relevant if trendline support is breached. For now, bulls target 0.9000.

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.