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Holding Above Support

EURO-STERLING TECHS
  • RES 4: 0.9260 2.0% 10-dma envelope
  • RES 3: 0.9184 61.8% Fibonacci retracement of the Mar - Apr decline
  • RES 2: 0.9176 High Jun 29 and the bull trigger
  • RES 1: 0.9148 High Jul 27
  • PRICE: 0.9000 @ 17:02 BST Jul 31
  • SUP 1: 0.8981 Low Jul 31
  • SUP 2: 0.8942 100-dma
  • SUP 3: 0.8938 Low Jul 10 and the key near-term support
  • SUP 4: 0.8913 Low Jun 16

EURGBP traded lower into the weekly close but remains above support. This keeps the outlook somewhat bullish for now and follows recent Japanese candle patterns on Jun 13, a bullish engulfing and Jun 10, a doji. Together they signalled a reversal off 0.8938, Jun 10 low and the cross has since traded higher. The focus is on 0.9145, Jun 30 high and 0.9176, Jun 29 high. 0.9001 is the key near-term support.

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