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Exposes Trendline Resistance

EURGBP TECHS
  • RES 4: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
  • RES 3: 0.8880 61.8 retracement of the Feb 3 - Mar 15 bear leg
  • RES 2: 0.8858/66 Trendline drawn from the Feb 3 high / High Mar 23
  • RES 1: 0.8839 High Apr 13
  • PRICE: 0.8833 @ 15:52 BST Apr 13
  • SUP 1: 0.8763/8729 Low Apr 11 / 4
  • SUP 2: 0.8719 Low Mar 15 and key support
  • SUP 3: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg
  • SUP 4: 0.8691 Low Dec 19

EURGBP traded higher again Thursday and in the process breached resistance at the 20-day EMA at 0.8793. The break of 0.8828 Thursday further eases the recent bearish threat and signals scope for a climb towards trendline resistance at 0.8858 - the trendline is drawn from the Feb 3 high. On the downside, key support lies at 0.8719, the Mar 15 low. A break would strengthen a bearish case.

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