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Has Pierced Support At The 50-Day EMA

EURGBP TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • RES 4: 0.8704 76.4% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 3: 0.8683 High Jan 2
  • RES 2: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 1: 0.8600/45 High Apr 24 / 23
  • PRICE: 0.8556 @ 06:59 BST Apr 29
  • SUP 1: 0.8551 Intraday low
  • SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
  • SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
  • SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase

The S/T trend condition in EURGBP remains bullish and the latest pullback appears to be a correction. A strong rally on Apr 19, resulted in a break of 0.8602, Mar 22 high and a key resistance. This confirmed a range breakout and a resumption of the bull cycle that started Feb 14. This has opened 0.8665, a Fibonacci retracement. Support at 0.8567, the 50-day EMA, has been pierced. A clear break would be bearish and open 0.8521, Apr 17 low.

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  • RES 4: 0.8704 76.4% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 3: 0.8683 High Jan 2
  • RES 2: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 1: 0.8600/45 High Apr 24 / 23
  • PRICE: 0.8556 @ 06:59 BST Apr 29
  • SUP 1: 0.8551 Intraday low
  • SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
  • SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
  • SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase

The S/T trend condition in EURGBP remains bullish and the latest pullback appears to be a correction. A strong rally on Apr 19, resulted in a break of 0.8602, Mar 22 high and a key resistance. This confirmed a range breakout and a resumption of the bull cycle that started Feb 14. This has opened 0.8665, a Fibonacci retracement. Support at 0.8567, the 50-day EMA, has been pierced. A clear break would be bearish and open 0.8521, Apr 17 low.