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Free AccessEURGBP TECHS: Trend Needle Points South
- RES 4: 0.8541 High May 31
- RES 3: 0.8538 1.0% 10-dma envelope
- RES 2: 0.8504 50-day EMA
- RES 1: 0.8482 High Jun 24
- PRICE: 0.8478 @ 16:23 BST Jun 28
- SUP 1: 0.8397 Low Jun 14 and the bear trigger
- SUP 2: 0.8388 Low Aug 17 2022
- SUP 3: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing
- SUP 4: 0.8340 Low Aug 2 2022
A bearish theme in EURGBP remains intact, with the Friday recovery appearing corrective in nature. Moving average studies are in a bear mode position, highlighting a clear downtrend. The latest move down, reinforced the bear cycle and has maintained the price sequence of lower lows and lower highs. Scope is seen for a move towards 0.8366 next, a Fibonacci projection. Resistance at the 0.8470 20-day EMA has been pierced. The 50-day EMA is at 0.8504.
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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.