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Remains Above The 50-Day EMA


Resumes Its Downtrend


Corrective Cycle Still In Play

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Off Highs, But Remains Bullish

  • RES 4: 0.8658 High Sep 28 2021
  • RES 3: 0.8624 High Oct 1 2021
  • RES 2: 0.8600 High Dec 8 2022
  • RES 1: 0.8552 2.0% 10-dma envelope
  • PRICE: 0.8421 @ 16:27 GMT Apr 1
  • SUP 1: 0.8386 Low Mar 29
  • SUP 2: 0.8296 Low Mar 23 and a key support
  • SUP 3: 0.8278 Low Mar 7
  • SUP 4: 0.8203 Low Mar 7 and the bear trigger

EURGBP faded off highs Thursday. The move lower though is likely a correction and the outlook remains positive with the cross still strong on the week. A key S/T resistance at 0.8458, Mar 17 high, has been breached highlighting a reversal. The break confirms a resumption of the uptrend that started Mar 7 and signals scope for an extension near-term. The focus is on 0.8552, the upper band of the 2.0% 10-dma envelope. Support is at 0.8386.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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