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Needle Still Points North

EURGBP TECHS
  • RES 4: 0.8553 High Feb 14
  • RES 3: 0.8498/8504 High Dec 23 / 2.0% 10-dma envelope
  • RES 2: 0.8478 High Feb 7 and a bull trigger
  • RES 1: 0.8456 Mar 15 High
  • PRICE: 0.8406 @ 06:21 GMT Mar 16
  • SUP 1: 0.8360/17 20-day EMA / Low Mar 9
  • SUP 2: 0.8278 Low Mar 7
  • SUP 3: 0.8203 Low Mar 7 and the bear trigger
  • SUP 4: 0.8131 Low Jun 27, 2016

EURGBP maintains a firmer tone and traded higher Tuesday but did pull back from the day high. The cross last week traded above the key resistance at the Feb 25 high of 0.8406. This has strengthened the short-term bullish condition and the move higher signals scope for an extension towards the next resistance at the early February highs of 0.8478. Initial firm support to watch is seen at 0.8317, the Mar 9 low. A break would be bearish.

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